{"id":9293,"date":"2021-09-05T18:04:02","date_gmt":"2021-09-05T17:04:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9293"},"modified":"2021-09-05T19:45:34","modified_gmt":"2021-09-05T18:45:34","slug":"crypto-is-the-new-shadow-bank-sen-elizabeth-warren","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-is-the-new-shadow-bank-sen-elizabeth-warren\/","title":{"rendered":"Crypto is the new shadow bank – Sen. Elizabeth Warren"},"content":{"rendered":"\n
Bitcoin critic<\/a> Senator Elizabeth Warren (D-MA), in an interview told the New York Times that cryptocurrency is the new shadow bank in her opinion.<\/h5>\n\n\n\n
\"Crypto<\/figure>\n\n\n\n

The New York Times piece centered on BlockFi, a venture-backed crypto lending business that has drew the attention of a slew of state regulators in the United States\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> as part of a larger “scramble” to keep up with crypto startups' increasing foray into banking-like services.<\/p>\n\n\n\n

Warren's remarks \u2014 a “shadow bank” is a non-bank financial company that provides such services outside the scope of normal banking supervision \u2014 show that the Massachusetts senator is still a vocal opponent of bitcoin and the sector that has sprung up around it.<\/p>\n\n\n\n

\u201cCrypto is the new shadow bank,\u201d says the author. It offers many of the same services as the traditional system, but without the consumer protections or financial stability “The New York Times<\/a> reported Warren's comments. \u201cIt's like turning straw into gold,\u201d says the narrator.”<\/p><\/blockquote>\n\n\n\n

Warren also proposed “[banning] banks in the United States from keeping cash deposits backing up stablecoins, which could effectively halt the rising industry,” according to the newspaper.<\/p>\n\n\n\n

Warren has started a dialogue with Gary Gensler, the head of the Securities and Exchange Commission, and Janet Yellen, President Joe Biden's Treasury Secretary<\/a>, in a series of public letters.<\/p>\n\n\n\n

Warren penned a letter to Yellen in July, urging her to develop “a concerted and integrated regulatory policy to address the mounting dangers that cryptocurrencies pose to the financial system.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin critic Senator Elizabeth Warren (D-MA), in an interview told the New York Times that cryptocurrency is the new shadow bank in her opinion. The New York Times piece centered on BlockFi, a venture-backed crypto lending business that has drew the attention of a slew of state regulators in the United States as part of […]<\/p>\n","protected":false},"author":12,"featured_media":9294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[4243,132,4244,4242],"class_list":["post-9293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-bitcoin-critic","tag-crypto","tag-interview","tag-shadow-bank"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Crypto-is-the-new-shadow-bank-Sen-Elizabeth-Warren.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9293"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9294"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}