Senator Elizabeth Warren once again warned about crypto, claiming that it poses a serious risk to the U.S. financial system and that Big Tech could exploit it.
However, former Binance CEO Changpeng Zhao (CZ) has responded, saying that all companies, not just the New York Stock Exchange (NYSE), drive the U.S. economy.
CZ Says NYSE Isn’t the Whole Economy
During a July 17 interview with Bloomberg, Warren criticized the GENIUS and CLARITY Acts, arguing they fail to address “Trump’s corruption” and do little to prevent bad actors from exploiting crypto.
“They also don’t put enough safeguards in place for consumer protection to make sure that terrorists and human traffickers, and drug traffickers can’t use the system and guardrails to make sure that crypto isn’t used to blow up our entire economy,” commented the lawmaker.
Specifically, Warren raised concerns over a provision in the CLARITY Act that could allow large companies like Amazon and Meta to sidestep SEC oversight by “digitizing themselves.” According to her, such gaps could enable these parties to use crypto in ways that might affect the NYSE.
Zhao questioned this v
