Senator Warren questions SEC chairmen about lack of protection for crypto investors

The Democratic Senator and former US President Elizabeth Warren has again warned of the current regulatory environment for cryptocurrencies in the country.

According to Reuters, Senator Warren has written to Gary Gensler, chairman of the US Securities and Exchange Commission, asking for answers about the scope of the SEC’s cryptocurrency oversight in the area of ​​personal security.

In a statement released by Senator Warren, the chairman of the Economic Policy Subcommittee warned of the lack of protection for crypto investors from the activities of scammers, adding:

“These regulatory loopholes put consumers and investors at risk and undermine the security of our financial markets. The SEC must use its discretion to address these risks, and Congress must fill those regulatory loopholes as well. “

According to Reuters, in his letter to Gensler, Senator Warren asked the SEC chairman to determine whether cryptocurrency exchanges are undermining the Commission’s goal of ensuring a fair investment market environment.

SEC Chairman Gensler is said to have until July 28 to respond to Senator Warren’s query.

As previously reported by Cointelegraph, Senator Warren is a prominent crypto critic who has called virtual currencies “fake privacy money”.

Several government officials, including Janet Yellen, the US Treasury Secretary, are also outspoken critics of cryptocurrencies.