Earlier on Friday, October 12th, Elizabeth Warren, a certain contender for the 2020 Democratic president went to take a couple of major swipes at the cryptocurrency market.
In a Senate Banking Committee hearing, Warren went on to issue a warning stating that it is quite simple to steal cryptocurrencies also many small investors are being scammed via fake initial coin offerings.
The Massachusetts Democratic Senator explained her views, stating, “The real challenge is to find ways of nurture productive aspects of crypto along with consumer protection.”
Sherrod Brown, The Ohio Senator who could be replacing current chair of the Banking Committee if Democrats regain control over the Senate in next month’s elections also raised a few concerns regarding the cryptocurrency.
Brown was particularly very concerned about regular individuals who get influenced and invest their entire savings in ICOs and cryptos.
According to the Senator, he stated that he wished to see Blockchain and cryptocurrency present financial services to the un-banked and also get additional benefits to the consumer, however so far, the number of scams have clearly outnumbered the real world applications.
Notably on a day, where there was were many negative remarks for cryptocurrencies, Pennsylvanian Pat Toomey who is in line to head the Committee if Republicans retain their majority in the upper chamber of Congress came to its defense.
In a comment which sounded like an insinuation to the plummeting price of crypto back in the previous year, Toomey stated, “Over the course of time Central Banks have not had the greatest record of preserving the value of cryptocurrencies.”
The landscape of blockchain and cryptocurrency and blockchain looms more in favour for the future rather than for the present according to the current Banking Committee Chair Idaho Republican Mike Crapo.
Crapo made a prediction stating, “Blockchain networks have the potential to improve processes for things like payments, settlements, smart contracts, identity management and even things that are yet to be explored.”