Sen. Elizabeth Warren, D-Mass., said on July 28 that she plans to introduce new legislation aimed at combating what she called cryptocurrency and digital asset “scams” aimed at novice investors.

The senator previewed the legislation at a Senate Banking, Housing, and Urban Affairs Committee hearing entitled “Understanding Scams and Risks in Crypto and Securities Markets.”

“These big investors are funding, hyping, and then vampire-sucking money out of crypto projects that scam mom and pop investors,” Sen. Warren said.

“Regulators need to protect customers from cyber criminals and from other illicit characters that are scamming consumers from the shadows,” the senator said. “And that’s why I will soon be introducing a bill to regulate the crypto market and stamp out the worst scams by scam artists, both big and small.”

Sen. Warren is no stranger to the subject, having authored previous legislation that would regulate cryptocurrencies that go past international borders to curtail any foreign adversaries looking to avoid sanctions.

The Senate Banking hearing, and the senator’s pledge to file legislation, come amid wider legislative and Biden administration efforts to better understand possible regulatory classifications for cryptocurrency and other digital assets.

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Jose Rascon
Jose Rascon
Jose Rascon is a MeriTalk Staff Reporter covering the intersection of government and technology.