Sen. Warren queries SEC chair on lack of crypto investor protection

Democratic Senator and former U.S. presidential aspirant Elizabeth Warren has once again raised alarms about the current regulatory climate for crypto in the country.

According to Reuters, Senator Warren has written to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), demanding answers about the scope of the SEC's crypto oversight in the area of consumer protection.

In a statement issued by Senator Warren, the chair of the Subcommittee on Economic Policy bemoaned the lack of protection for crypto investors against the activities of rogue actors, adding:

"These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps."

According to Reuters, Senator Warren's letter to Gensler asked the SEC chairman to determine whether crypto exchanges are undermining the commission's goal of ensuring a fair investment market environment.

SEC chairman Gensler reportedly has until July 28 to respond to Senator Warren's query.

As previously reported by Cointelegraph, Senator Warren is a noted crypto critic who has described virtual currencies as "bogus private money."

Several administration officials including Janet Yellen, Secretary of the U.S. Treasury Department, are also outspoken critics of cryptocurrencies.