{"id":709,"date":"2021-12-30T04:23:09","date_gmt":"2021-12-30T04:23:09","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=709"},"modified":"2021-12-30T04:23:10","modified_gmt":"2021-12-30T04:23:10","slug":"us-senator-on-crypto-we-need-real-solutions-to-make-the-financial-system-work-for-everyone-not-just-the-wealthy","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=709","title":{"rendered":"US Senator on Crypto: We Need Real Solutions to Make the Financial System Work for Everyone, Not Just the Wealthy"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>U.S. Senator Elizabeth Warren has argued that cryptocurrency is not a path to financial inclusion like crypto advocates claim. \u201cBitcoin ownership is even more concentrated within the top 1% than dollars,\u201d she said, emphasizing the need for \u201creal solutions to make the financial system work for everyone, not just the wealthy.\u201d<\/strong><\/p>\n<h2>Senator Elizabeth Warren on Crypto and Bitcoin<\/h2>\n<p>U.S. Senator Elizabeth Warren (D-Mass.) commented about cryptocurrency, bitcoin, and financial inclusion Tuesday. She tweeted:<\/p>\n<p>The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy.<\/p>\n<p>Her comment was in response to an article in the Wall Street Journal claiming that the top 1% of bitcoin holders \u201ccontrol a greater share of the cryptocurrency than the most affluent American households control in dollars.\u201d Citing a study by the National Bureau of Economic Research, the author wrote that \u201cthe top 10,000 bitcoin accounts hold 5 million bitcoins, an equivalent of approximately $232 billion.\u201d<\/p>\n<p>Many Twitter users replied to Senator Warren\u2019s tweet. One user told the Massachusetts senator: \u201cThis is not true. The fixed bitcoin supply means ownership gets less concentrated over time in congruence with adoption, usage and creation of value. There is no other alternative to fixing the money printing problem that results in an invisible tax on the average citizen.\u201d<\/p>\n<p>Another user tweeted to the senator: \u201cYour argument is flawed. So I am left to assume you don\u2019t understand BTC is not \u2018all crypto\u2019 \u2014 it\u2019s BTC. You are only recognizing BTC as \u2018crypto\u2019 while ignoring an entire budding \u2018crypto industry\u2019 based on the transfer of value for fractions of a penny.\u201d<\/p>\n<p>Moreover, some people reminded Senator Warren that crypto is decentralized and is for everyone, not just the rich. Some questioned the claims made in the Wall Street Journal article. Several people called the senator from Massachusetts \u201cignorant\u201d and \u201cmanipulative,\u201d emphasizing the need for education.<\/p>\n<p>The senator recently called on regulators to \u201cclamp down\u201d on stablecoins and decentralized finance (defi) platforms \u201cbefore it is too late.\u201d She said, \u201cDefi is the most dangerous part of the crypto world.\u201d In July, she urged U.S. Treasury Secretary Janet Yellen to urgently adopt a policy to mitigate crypto risks.<\/p>\n<p>In September, she pressed the Securities and Exchange Commission (SEC) to address the problem of crypto exchange outages and high transaction fees. She also stressed at the time that cryptocurrency is not a path to financial inclusion.<\/p>\n<p>Tags in this story<\/p>\n<p>Bitcoin, Bitcoin concentration, Bitcoin Ownership, Decentralization, DeFi, Elizabeth Warren, financial inclusion, financial system, real solutions, Stablecoins, us senator, US Senator Warren<\/p>\n<p><em><strong>What do you think about Senator Elizabeth Warren\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senator-crypto-real-solutions-make-financial-system-work-for-everyone-not-just-the-wealthy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator Elizabeth Warren has argued that cryptocurrency is not a path to financial inclusion like crypto advocates claim. \u201cBitcoin ownership is even more concentrated within the top 1% than dollars,\u201d she said, emphasizing the need for \u201creal solutions to make the financial system work for everyone, not just the wealthy.\u201d Senator Elizabeth Warren on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=709"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/709\/revisions"}],"predecessor-version":[{"id":711,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/709\/revisions\/711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/710"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}