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Sen. Elizabeth Warren is pressing Treasury Secretary Janet Yellen to rally federal agencies to develop a “coordinated and cohesive regulatory strategy” on cryptocurrencies, which the Massachusetts Democrat says pose growing risks to the financial system.
Warren told Yellen in a letter released Tuesday that she should tap the Financial Stability Oversight Council — a panel of top regulators that the Treasury secretary chairs — to “act with urgency.”
Warren said “cryptocurrencies currently touch or can ripple through nearly every corner of the financial system,” with more than 2,000 digital currencies in circulation and a market value that could exceed $2 trillion. She cited specific concerns with so-called stablecoins, decentralized finance, exposure to hedge funds and risk to banks.
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