Elizabeth Warren, a former US senator and presidential student, has once again alerted the country’s current regulatory climate for cryptocurrencies.

According to Reuters, Warren wrote to Gary Gensler, chairman of the US Securities and Exchange Commission, demanding answers about the scope of the SEC’s consumer protection oversight of cryptocurrencies.

In a statement issued by Warren, the chairman of the economic policy subcommittee lamented the lack of protection for crypto investors from intruders, adding:

These loopholes in legislation endanger consumers and investors and undermine the integrity of our financial markets. The Securities and Exchange Commission should use all its authority to deal with these risks, and Congress should also increase compliance with these regulatory gaps. ”
According to a letter from Warren to Gensler, the chairman of the Securities and Exchange Commission was asked to decide whether cryptocurrency exchanges undermine the commission’s goal of providing a fair market environment for investment.

According to Warren, the current lack of basic investor protection laws in a “highly opaque and volatile” cryptocurrency market is “unstable”. Gensler will reportedly respond to Warren’s request by July 28.

RELATED: Elizabeth Warren compares “fake” cryptocurrencies to “legitimate” CBDCs in Senate hearings

As the Cointelegraph previously reported, Warren, a prominent cryptocurrency critic, called cryptocurrencies “fake private money” during a hearing in the Senate Banking Committee in June last year.

In fact, the senator’s reprimand against the cryptocurrency reflected the general sentiment during the hearing, when she called the cryptocurrency a “lousy investment.”

Several administration officials, including US Treasury Secretary Janet Yellen, have also openly criticized the cryptocurrency.

Source: CoinTelegraph

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