DeFi and Stablecoins Pose Threat to Consumers, US Politician Says

The crypto world continues to develop its blockchain technology to provide seamless use cases to all its users around the world. However, there are still communities and people who are not convinced with the package of advancement that the crypto space brings. Indeed, this scenario saddens the supporters of the industry and its investors globally.

Senator Elizabeth Warren of the United States of America explained that cryptocurrency could harm consumers and the economy in a tweet post. “Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late, she said.”

The tweet gathered different opinions across the Twitter crypto neighborhood. Some people agree, some don’t, while others are just mute. In addition, the post has already been retweeted to over 400 with almost 2000 like that keeps increasing over time. These statistics are clear evidence that crypto is one of the most talked-about topics in the world.

On the other hand, the crypto market stands tall and walks strong against all the challenges it faces every day. At the time of writing, the whole crypto market cap amounts to almost $2.4 trillion, with a 24-hour growth rate of +4%. This is all thanks to the DeFi, NFT, and other projects that are supporting the crypto world.