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23 June 2021

Elizabeth Warren Trashes Bitcoin, Dogecoin and Other Crypto in Senate Hearing - Decrypt

Elizabeth Warren Trashes Bitcoin, Dogecoin and Other Crypto in Senate Hearing - Decrypt


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During ahearingon the development of a potential central bank digital currency, Senator Elizabeth Warren criticized cryptocurrencies for their role in facilitating scams, ransomware attacks, and pollution.

But Warren made clear that her criticisms weren't limited to just Bitcoin or Dogecoin.

"Untraceable" doesn't typically refer to a cryptocurrency like Bitcoin, which records transactions on a public ledger.

Warren also asked Columbia Law professor Lev Menand whether stablecoins—a type of cryptocurrency that’s pegged to the value of a fiat currency, and so theoretically maintains a “stable” price—could be a reliable alternative to a digital currency controlled by a central bank.

Warren also mentioned what’s become the most common critique of cryptocurrency: that it incentivizes world-historic levels of energy consumption, much of which ends up coming from power grids reliant on fossil fuels

“It could help improve financial inclusion, efficiency, and the safety of our financial system if that digital public money is well-designed and efficiently executed, which are two very big ‘ifs.’”

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