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Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.
The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”
With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.
The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”
Senate Banking Committee Bashes Bitcoin's 'Phony' Populism
The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.
www.coindesk.com
With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.