- Elizabeth Warren dismissed the crypto industry’s widely held idea that digital assets will promote financial inclusion in a tweet on Tuesday.
- In a tweet, she stated, “We need genuine solutions to make the financial system function for everyone, not just the affluent.”
- Senator Elizabeth Warren of Massachusetts has been one of the most vocal opponents of digital assets.
Senator Elizabeth Warren has slammed the crypto industry’s widely held premise that digital assets would promote financial inclusiveness. She cited the wealth concentration among the wealthiest people.
In a tweet on Tuesday, the Democratic senator stated, “We need real reforms to make the financial system function for everyone, not just the affluent”. “Bitcoin ownership is much more concentrated in the top 1% than it is in the top 1% of the population.”
Warren, a Massachusetts Democrat, referenced a recent Wall Street Journal report in her tweet. The Tweet, which describes a research done by the National Bureau of Economic Research.
The senator’s allegation that the top 10,000 bitcoin accounts contain 5 million bitcoins was confirmed among the significant results. This combined stake is worth nearly $239 billion at Wednesday’s pricing.
According to the WSJ storey, “about 0.01 percent of bitcoin holders own 27 percent of the 19 million bitcoin in circulation.”
Warren Gets Additional Support From Twitter
Supporting her recent statement, many minds came to Tweeter to appreciate her for addressing real issues about cryptos rather than defaming the technology. A user wrote “She is one of the few federal politicians who understands it’s more important than anything else.” on the microblogging site.
In June of this year, Warren, one of the most prominent critics of digital assets, urged on Treasury Secretary Janet Yellen to enact stronger regulations for similar businesses. The senator encouraged authorities to “take hold of the component that’s under their control” as soon as possible in August.
Her major worry is the harm that these volatile assets can do to small-time retail investors, who are frequently duped or lose money as a result of pump-and-dump operations.
Despite the sector’s fast expansion, politicians are conflicted over how to control the almost $3 trillion dollar business.
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