Crypto skeptic U.S. Sen. Elizabeth Warren (D-Mass.) gave the Securities and Exchange Commission (SEC) until the end of this month to figure out its role in regulating cryptocurrencies.
The senator, who chairs the Senate Banking Committee’s Subcommittee on Economic Policy, said in a letter to SEC Chair Gary Gensler that she needs answers by July 28.
Despite the rising popularity of crypto, a “lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said.
“The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps,” she added.
Warren has long been critical of bitcoin, describing the crypto as “speculative in nature and going to end badly” during a CNBC interview in March.
She also voiced her concerns about the lack of regulatory clarity involving crypto and the energy usage of proof-of-work cryptocurrencies during a June subcommittee hearing.