In a June 9 Senate hearing on central financial institution digital currencies, Subcommittee Chairwoman Elizabeth Warren opened up her commentary with a salvo towards cryptocurrencies, calling on lawmakers to face the issue “head on.”
Warren, a number one candidate for the Democratic nomination throughout the 2020 presidential election, attacked cryptocurrencies writ giant as facilitating high-profile ransomware assaults like these towards the Colonial Pipeline or meat producer JBS.
Concerning such assaults, Warren stated: “Each hack that’s efficiently paid off with a cryptocurrency turns into an commercial for extra hackers to strive extra cyber assaults.”
These feedback fall consistent with latest signaling from the Biden administration that cryptocurrencies are shifting up on the list of national security priorities.
Warren continued to spotlight longstanding although controversial claims about Bitcoin’s vitality use, repeating claims that the community’s mining consumes extra vitality than the Netherlands.
“Many cryptocurrencies are created utilizing proof-of-work mining,” the senator defined. “Such mining has devastating penalties for the local weather. Some crypto mining is about up close to coal vegetation, spewing out filth in return for an opportunity to reap a number of crypto cash. Whole vitality consumption is staggering, driving up demand for vitality.”
Earlier than pivoting to the difficulty of central financial institution digital currencies, the topic of the listening to, Warren warned:
“Congress and federal regulators cannot proceed to cover out, hoping that crypto will go away. It will not. It is time to confront these points head on.”
On the subject of a government-sanctioned digital forex, Warren declared: “Official digital public cash might assist drive out bogus digital non-public cash.”