Sen. Warren warns of cryptocurrency risks, presses SEC on oversight authority

FILE PHOTO: U.S. Senator Elizabeth Warren (D-MA) at a Senate Finance Committee hearing in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERS

WASHINGTON (Reuters) - U.S. Senator Elizabeth Warren on Thursday warned of the growing risks posed to consumers and financial markets by the "highly opaque and volatile" cryptocurrency market and blasted its lack of regulation as unsustainable.

Warren, a Democrat who chairs the Senate Banking Committee's Subcommittee on Economic Policy, also raised her concerns in a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler on Wednesday, in an effort that could help lay the groundwork for legislation to regulate the fast-growing market.