The Phony Populism of Bitcoin really got into the head of the U.S public office holders and legislators as well. It appeared that the U.S members of the senate had headaches while chairing a crypto-themed hearing. The U.S Senate Committee on Banking discussed the crypto on trial. Sen. Elizabeth Warren (D-Mass.) said that tighter regulations should be imposed on crypto trading otherwise it could go out of hand. The committee chairman pursued to answer his question, “Cryptocurrencies: are they beneficial for anyone?”
Regardless of the facts and figures, Elizabeth Warren seemed least concerned about the public sentiments, driven by her rage, she abashed the crypto community inside out. She stressed that the decentralized crypto narrative is nothing but a fantasy business tale as it suits brokers, miners, traders, and crypto exchanges. If seen through the lens of business ethics, decentralized trading provides crypto networks power over authorities and some of the biggest banks to fulfill their immoral financial dreams, Elizabeth passed concluding remarks on the matter.
The U.S senate committee also said rather than allowing banks to chief society’s financial system, crypto alters the bases of the corporate system. It leaves our system at the will of some faceless online coders and miners. The members of the committee in their judgment painted the whole crypto community with the same brush and swept the positive aspects of the crypto market under the carpet.
Committee added that the crypto market is sensitive against the “cock and bull” statements. They explained the whole industry as a fraud, accountability-dodging, a digital machine that only benefits its community. One can question that this opinion reflects regrets that congress personnel is not included in the crypto community.
The banking committee’s chairman, Sherrod Brown, in his remarks, labeled crypto as a bi danger for U.S customers and economic stability. Financial regulations, fraud, digital nature, and lack of regulatory control over crypto could endanger the country’s economic fabric. There seems nothing transparent in the digital network. The trouble did not just stay there. The committee showed concern over the growing influence that crypto exerts on monetary policy and cybercrime.
The final verdict spread the light on the issue by saying that it is time to repress the negative influence from the market. However, crypto experts strongly condemned the whole verdict. They said that congressmen are not economic, neither banking experts. They can conjure different stories and theories suitable for their interest by slaying the whole crypto marketplace, which is highly unfair, not acceptable at any cost.
Crypto scholars predicted a strong reaction from the crypto community, where they can quote Ripple vs SEC as a primary reference to support their argument. However, the regulatory authorities are also working with exchanges for safer trade.