Cynthia Lummis, Bitcoin supporter, and the US Senator from Wyoming has tweeted defending the crypto sphere against Senator Elizabeth Warren’s comments.
Senator Warren had accused the decentralized system to be guided by “Shadowy Super-Coders”, to which Cynthia Lummis has publicly taken a contradictory stance. Lummis highlighted how the crypto market is run by open-source developers, with publicly accessible codes and a decentralized ledger. She pointed out how blockchains facilitate peer-to-peer transactions, eliminating the aspect of trust or faith. She said, when everything is already public, the need for trust is diminished, and facts speak for themselves.
…Who commit open-source code to a transparent, publicly viewable, decentralized ledger — facilitating peer-to-peer transactions without the need for a trusted (but sometimes not actually trustworthy) third party. #btc https://t.co/VB1mHAkOiP
— Cynthia Lummis 🦬 (@CynthiaMLummis) July 27, 2021
Warren against crypto’s volatility
On Monday, Senator Elizabeth Warren sent a letter to Treasury Secretary, Janet Yellen requesting to tighten the regulatory policy on the crypto industry. Furthermore, Warren discussed the drawbacks of cryptocurrencies at the Senate Banking Committee yesterday. She emphasized the volatile nature of the decentralized market, which could in turn affect the mainstream financial spheres if it kept growing at this speed.
“All the warning signs are flashing…The hype, the volatility, the wild claims that turn out to be false. As the crypto market grows, so do the risks to our financial stability and our economy.” said Warren.
Warren claims against transparency in crypto
Warren also scrutinized and raised suspicions on the decentralized nature of the crypto market. She accused the crypto market of being guided by superior coders with ulterior motives. She claimed that the system cannot be trusted to be free from intermediaries and can be easily manipulated by institutional giants and tycoons who can then have mining pools take control over the system.
“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,” she said.
Senator Elizabeth Warren has made a place for herself on the list of top anti-crypto spokesperson. Warren is raising alarmist warning against the rising crypto usage in daily financial transactions as the doom of economic stability and security that the nations would not be able to get back from. She stated similar concerns in her letter, as well as in her speech on CBDCs last month.