Ripple CTO Sees Silver Lining in Elizabeth Warren’s Crypto Warning

Nov 24,2022
Ripple CTO Sees Silver Lining in Elizabeth Warren’s Crypto Warning

Peter SchwartzThe technical director of Ripple, a blockchain company, thinks that Elizabeth Warren, a senator from Missouri, may have some truth in cryptocurrency regulation

In a recent column of The Wall Street Journal, Warren felt that without proper supervision, cryptocurrency would probably eventually destroy economic development

Although the senator recognized that cryptocurrency might make the financial system more diversified, she also stressed that in history, there were various fraudulent financial industry schemes promoted by "criminals and fraud companies"

Warren felt that there was no difference between illegal cryptocurrency executives and other special tools, which was why the Ministry of Justice should apply its "complete set of special tools"

The legislator added that the American Stock Exchange Federation would also "file a lawsuit"

Warren also criticized the cryptocurrency mining enterprises, which made the power grid anxious and increased greenhouse gas emissions

She emphasized that cryptocurrencies should follow the same rules as other financial industries

Ripple's Schwarz felt that this was not "an awkward part of the job", because Warren realized the need to change the cryptocurrency regulation. He added that this was crucial to the proper development of data encryption standards

Warren has always been one of the leading data encryption skeptics in the United States Congress. It is reported that this advanced due process shows that cryptocurrency is "unreliable, destructive and dangerous"Recruitment interview in September.

At the beginning of April, Warren bought BitcoinOptional gas.