QUORUMCALL//GPT:
Senator Elizabeth Warren has proposed a bill to counteract the influence of cryptocurrencies on banks, amidst concerns that digital currencies are becoming “too big to fail.”
THE PROPOSAL
– Warren’s bill, dubbed the “Digital Currency Reserve Act,” aims to prevent cryptocurrencies from destabilizing traditional banking systems.
– It proposes that any company offering digital currency services must comply with the same regulations and standards as traditional banks.
WARREN’S CONCERNS
– Warren has expressed worries that the increasing influence and use of cryptocurrencies could pose a systemic risk to the economy, particularly if a major cryptocurrency were to crash.
– She has also raised concerns about the potential for criminal activity, such as money laundering, through crypto transactions.
TOPICS COVERED
#DigitalCurrencyReserveAct #cryptocurrency #bankingregulation
NOTE
This news comes from PYMNTS, a platform that covers the latest in payments and commerce news.
