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US Sen. Elizabeth Warren says crypto will ruin economy —community responds

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The downfall of former crypto exchange FTX has had the entire industry in disarray since the situation began to unravel days before it declared bankruptcy on Nov.

11. A new op-ed from United States Senator Elizabeth Warren revealed a negative stance towards the industry with regard to the fallout.Warren wrote that the crypto industry is on a “well-worn path of financial innovation,” which starts with exciting rewards but ends in “crippling losses.” She compared it to subprime mortgages of 2008, penny stocks and credit-default swaps.

The Senator said what happened with FTX should be a “wake-up call” to regulators to enforce laws on the industry. On Twitter, some agreed with the Senator, tweeting that the crypto industry is just “smoke and mirrors” and that Warren has been trying to warn the public all along.

Though many have pointed the finger back at her, saying regulators don’t understand the industry and incite fear with such comments.

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