Senator Elizabeth Warren appealed to US Treasury Secretary Janet Yellen to accelerate the creation of a " coordinated and holistic regulatory strategy to smooth out the growing risks that cryptocurrencies pose to the financial system."
In a letter dated July 26, Warren asks Yellen to use the powers of the chairman of the Financial Stability Oversight Council to " act urgently to ensure the security and stability of our financial system."
"I am increasingly concerned about the threats that cryptocurrencies pose to investors, consumers and the environment, in the absence of proper regulation in the United States," Warren writes. – In light of the continued increase in demand for cryptocurrencies and the embedding of these assets into our financial system, the Council must determine whether these trends pose dangers beyond the protection of investors and consumers and whether they prolong broader systemic vulnerabilities that can threaten financial stability."
The Financial Stability Oversight Council was established in 2010 and, in addition to the Minister of Finance, includes the chairmen of the Fed, SEC, CFTC and the Comptroller of the Currency, among others.
Last month, Warren already criticized cryptocurrencies in a similar way and called for regulation, but in the last letter she took an even tougher position. As examples of risks, she cites hedge fund investments in cryptocurrencies, servicing of stablecoin issuers by banks, as well as decentralized finance.
"The longer the United States delays adopting an appropriate regulatory regime for these assets, the more serious the potential consequences may be if the market comes under pressure," she adds.