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Garlinghouse and Novogratz React to Warren’s Push to Regulate Cryptocurrencies

Elizabeth Warren’s most recent push to crack down on cryptocurrencies has attracted strong rebukes within the cryptocurrency community.  

Galaxy Digital CEO Mike Novogratz said that the Massachusetts senator didn’t seem “so progressive” to him because of her anti-crypto comments.

Banks charged 12 bn in overdraft fees, a fortune in atm fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks. Good job @SenWarren You really don’t seem so progressive to me.

— Mike Novogratz (@novogratz) July 28, 2021

During a July 27 hearing held by the U.S. Senate Banking Committee, Warren described the industry as “shadowy” and “faceless”: 

Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy faceless group of super coders and miners, which doesn’t sound better to me.

Ripple CEO Brad Garlinghouse looked at the things on the bright side, taking note of the progress that lawmakers have made when it comes to understanding crypto.

As @senwarren has recognized, our current banking and payment systems need improvement. Crypto and blockchain were originally created to provide access to those who have consistently been left out – and many companies are using this tech for precisely that purpose! 4/4

— Brad Garlinghouse (@bgarlinghouse) July 27, 2021

As reported by U.Today, Warren also sent a letter to Treasury Secretary Janet Yellen, pressing her to deal with numerous risks posed by stablecoins and decentralized finance.

   

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