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Crypto Clash: Warren Flags Economic Risk, CZ Defends Industry
Senator Elizabeth Warren has once again voiced her concerns regarding the potential risks posed by the cryptocurrency industry. In a recent interview with Bloomberg, she emphasized that the lack of regulation in the sector could have devastating consequences for the US economy.
Warren highlighted specific issues with the GENIUS and CLARITY Acts, claiming that they fail to adequately address the corruption tied to President Trump’s crypto ventures. She stressed that these bills would enable corrupt individuals to manipulate the market and destabilize the economy.
Changpeng Zhao (CZ), former CEO of Binance, has strongly disagreed with Warren’s statements. In a rebuttal on his social media channels, CZ argued that the New York Stock Exchange (NYSE) is not representative of the entire US economy. He pointed out that the NYSE has a market capitalization of around $100 billion, which is significantly smaller than the valuation of companies like Amazon at $2.4 trillion.
Zhao emphasized that all companies contribute to the overall performance of the economy, rather than just relying on one single entity like the NYSE.
Source: cryptopotato.com
