“DeFi is dangerous,” says Senator Elizabeth Warren

During the Senate Banking Committee hearing on Stablecoins and DeFi, Massachusetts Senator Elizabeth Warren said, “DeFi is the most dangerous part of the crypto world.”

“This is where the regulation is effectively absent, and no surprise it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders,” Sen. Warren added.

Earlier on Tuesday, Sen. Warren in her tweet said, “Stablecoins pose risks to consumers & 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 added.