U.S. Senator warns of BTC risks and pressures SEC to strengthen supervision

U.S. Senator Elizabeth Warren warned on Thursday that the “highly opaque and volatile” BTC market poses increasing risks to consumers and financial markets, and criticized its lack of supervision as unsustainable. She also expressed her concerns in a letter to the US Securities and Exchange Commission (SEC) Chairman Gary Gensler on Wednesday. Warren stated that she needs to get Gensler's response to the SEC's power to protect consumer investment and trading BTC before July 28, and to determine what actions Congress needs to take in the future. Warren said in a statement: "Although the demand for BTC and cryptocurrency exchanges has soared, the lack of common sense regulations has left ordinary investors at the mercy of manipulators and fraudsters. These regulatory loopholes endanger consumers. And investors, and undermine the security of our financial markets. The SEC must make full use of its power to deal with these risks, and Congress must step up to close these regulatory loopholes."