Before using digital assets, you need to understand how they can affect the traditional financial system, according to Elizabeth Warren.
Massachusetts Senator Elizabeth Warren, who vied with Joe Biden for the right to become the US presidential candidate from the Democratic Party, in an interview with CNBC called for an assessment of the risks of integrating cryptocurrencies into the financial system.
“We have a lot of problems in our financial system right now,” says @SenWarren. “The question we have to ask is look at the design of #crypto to see where it may be better but also to see where it may inject its own risks into the system.” #btc #bitcoin pic.twitter.com/cs7cy1kWbZ
— Squawk Box (@SquawkCNBC) July 28, 2021
According to Warren, the financial system has many problems at the moment.
The senator believes that it is necessary to research the positive and negative aspects of digital assets in order to understand how they can affect the traditional financial system.
Elizabeth Warren also noted that the wealth tax in the United States should be levied, among other things, on cryptocurrency assets.
According to the senator, it does not matter in what form the assets are located, if their size falls under the current legislation, then an appropriate tax should be levied on them annually.
“I want to see us tax wealth, however your wealth is tied up it shouldn’t make a difference,” says @SenWarren on a wealth tax for #crypto. “Whatever form you have your assets … I think there ought to be a tax on that annually.” pic.twitter.com/jXUBFCf13O
— Squawk Box (@SquawkCNBC) July 28, 2021
On July 26, Warren urged US Treasury Secretary Janet Yellen to develop rules to regulate the crypto market as soon as possible.
Then she pointed out that the lack of regulation of cryptocurrencies poses a threat to retail investors and the financial system.
Full Interview San Warren
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