Crypto needs consumer protection, Warren says

Some of the witnesses at a US Senate banking sub=committe hearing suggested that world governments should crack down on bitcoin and other cryptocurrencies and potentially even prohibit them from being converted back into US dollars.

WASHINGTON: The United States government needs to step up oversight of the digital currency market and find ways to protect consumers from scams stemming from the rapid rise of cryptocurrencies, Massachusetts Democratic Senator Elizabeth Warren has said.

Warren, in a Bloomberg TV interview, called the market for cryptocurrencies the “wild West, ” and said digital currency is “not a good way to buy and sell things and not a good investment and an environmental disaster”.