{"id":294072,"date":"2021-07-08T20:03:00","date_gmt":"2021-07-08T17:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cryptos-elizabeth-warren-warns-crypto-scams-continue-to-surge-on-exchanges-calls-for-sec-regulation\/"},"modified":"2021-07-08T20:03:00","modified_gmt":"2021-07-08T17:03:00","slug":"cryptos-elizabeth-warren-warns-crypto-scams-continue-to-surge-on-exchanges-calls-for-sec-regulation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cryptos-elizabeth-warren-warns-crypto-scams-continue-to-surge-on-exchanges-calls-for-sec-regulation\/","title":{"rendered":"#Cryptos: Elizabeth Warren warns crypto \u2018scams continue to surge\u2019 on exchanges, calls for SEC regulation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af6d28c85e55\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af6d28c85e55\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-elizabeth-warren-warns-crypto-scams-continue-to-surge-on-exchanges-calls-for-sec-regulation\/#The_missive_is_the_latest_from_crypto-skeptical_legislators_and_regulators\" >The missive is the latest from crypto-skeptical legislators and regulators<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-elizabeth-warren-warns-crypto-scams-continue-to-surge-on-exchanges-calls-for-sec-regulation\/#Chris_Matthews\" >Chris Matthews<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Cryptos: Elizabeth Warren warns crypto \u2018scams continue to surge\u2019 on exchanges, calls for SEC regulation<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_missive_is_the_latest_from_crypto-skeptical_legislators_and_regulators\"><\/span>\n  The missive is the latest from crypto-skeptical legislators and regulators<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000329938\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000329938\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Washington lawmakers and regulators continue to beat the drum for greater regulation of cryptocurrencies, with the latest call coming from  Sen. Elizabeth Warren of Massachusetts, the powerful democrat on the U.S. Senate Banking Committee. <\/p>\n<p> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.warren.senate.gov\/oversight\/letters\/warren-asks-sec-chair-gensler-about-risks-posed-by-cryptocurrency-exchanges\" class=\"icon none\">In a letter<\/a> sent to Securities Exchange Commission Chairman Gary Gensler Wednesday,  Warren wrote to request information on the regulators authority to regulate cryptocurrency exchanges. She asked whether the SEC \u201chas the proper authority to close existing gaps in regulation that leave investors and consumers vulnerable to dangers in the this highly opaque market.\u201d <\/p>\n<div class=\"paywall\">\n       Her letter follows comments made by Gensler in recent months expressing concern about the forums where Americans go to buy and sell their bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-4.81%<\/bg-quote><span>,<\/span><br \/>\n       ether<br \/>\n        ETHUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573964\/realtime\" class=\"negative\">-8.50%<\/bg-quote><br \/>\n       or other digital currencies. He told a House <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>ropriations subcommittee in May that there were \u201cgaps\u201d in the regulation of cryptocurrencies, arguing that crypto exchanges would be his first priority in addressing those deficiencies. <\/p>\n<p><strong>Read more<\/strong>: SEC chairman says Americans need a \u2018cop on the beat\u2019 to protect investors from crypto fraud<\/p>\n<p>\u201cWe have the SEC trying to protect against fraud in manipulation [in traditional stock exchanges,]\u201d Gensler said. \u201cNot so in the crypto world, and so it\u2019s trying to bring the similar protections to the exchanges where you trade crypto assets, as you might expect on the New York Stock Exchange or Nasdaq.\u201d<\/p>\n<p>In June, Commodity Futures Trading Commission chief, Dan Berkovitz, questioned whether peer-to-peer decentralized exchanges, also known as DeFi exchances, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/opaberkovitz7\" class=\"icon none\">are legal under U.S. law<\/a>. He said that users of DeFi exchanges are not offered the same fraud and manipulation protections provided by traditional financial institutions and don\u2019t work to prevent fraud or money laundering. <\/p>\n<p>\u201cNot only do I think that unlicensed DeFi markets are a bad idea, I also don\u2019t see how they are legal,\u201d Berkovitz said. U.S. law \u201crequires futures contracts to be traded on a designated contract market licensed and regulated by the CFTC.\u201d <\/p>\n<p><strong>See also<\/strong>:  \u2018Crypto congressman\u2019 Warren Davidson sees momentum building for pro-bitcoin legislation<\/p>\n<p>In her letter, Warren pointed out that as the the volume of digital assets traded on these forums has grown exponentially in recent years, complaints about losses due to bad actors have surged.<\/p>\n<p>\u201cThe harms to consumers as a result of this under-regulated market are real and continue to proliferate in the absence of effective SEC regulations,\u201d she wrote. \u201cDuring the six-month period from October 2020 to March 2021, nearly 7,000 people reported losses [to the Federal Trade Commission] from cryptocurrency scams, resulting in a cumulative $80 million lost.\u201d Those figures, she added, represent an increase of 12 times the number of reports and 1,000% more in reported losses compared to the same period the year earlier.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>Read more<\/strong>: After China causes bitcoin to crater, threat of new U.S. regulations loom over crypto market, experts say<\/p>\n<p>Warren noted that \u201cscams have surged on DeFi platforms in particular,\u201d where \u201cdevelopers are often anonymous\u201d and can more easily pull off frauds whereby they raise money selling a digital asset\u201d before disappearing with investor funds.<\/p>\n<p>The senator asked Chairman Gensler to report back on whether he believed that these exchanges are operating in a \u201cfair, orderly and efficient\u2019 manner \u2014 the standard that the SEC works to promote for all U.S. financial markets, and what help from Congress he needs to enforce that standard on all cryptocurrency markets. She also asked whether there needs to be greater international coordination over the regulation of crypto exchanges.<\/p>\n<p>The letter, along with recent statements by other key lawmakers on financial oversight committees in both the House and Senate, appears to signal that Congress is intent on holding regulator\u2019s feet to the fire when it comes crypto-exchange regulation. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Chris Matthews\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Chris_Matthews\"><\/span>Chris Matthews<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7508-D2C3B68A6AE2%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Cryptos: Elizabeth Warren warns crypto \u2018scams continue to surge\u2019 on exchanges, calls for SEC regulation&#8221; The missive is the latest from crypto-skeptical legislators and regulators Washington lawmakers and regulators continue to beat the drum for greater regulation of cryptocurrencies, with the latest call coming from Sen. Elizabeth Warren of Massachusetts, the powerful democrat on the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":294073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-294072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=294072"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/294073"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=294072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=294072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=294072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}