(Bloomberg) — Cryptocurrencies are not a real path toward financial equality, Democratic Senator Elizabeth Warren said on Tuesday, criticizing the industry for the fact that Bitcoin is even more closely held by the wealthy than dollars.
“We need real solutions to make the financial system work for everyone, not just the wealthy,” Warren, who represents Massachusetts, said in a tweet.
Congress and federal regulators are stepping up their scrutiny of cryptocurrencies amid growing calls for tougher regulations for the booming industry, which saw valuations of digital currencies such as Bitcoin and Ether soar.
Critics say digital currencies could destabilize the economy and are vulnerable to abuse by private entities, putting investors at risk.
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