"If this happened in the real finance industry, you could take people to court, you could call the sheriff and have them placed under arrest, but typically you can't even identify the people behind these platforms," said David Yermack, finance professor at New York University's Stern School of Business.
No one should be investing money in crypto they can't afford to lose, said Yermack, who doesn't own cryptocurrency.
Sen. Elizabeth Warren, D-Mass., said in an email to CQ Roll Call that the banking system has cut out too many Americans for too long, but cryptocurrencies aren't the solution that promoters claim they are.
"With no cop on the beat, this unregulated market draws in scammers promising massive returns," said Warren, a member of the Senate Banking Committee.
Rep. Brad Sherman, D-Calif., chairman of House Financial Services' Investor Protection, Entrepreneurship and Capital Markets Subcommittee, said low wages drive people outside the traditional financial system. As for DeFi, Sherman noted that a cryptocurrency trading platform like Coinbase is bigger than 90 percent of the banks in the country.
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September 08, 2021 at 02:05AM
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Left behind by financial system, minorities turn to new products - Roll Call
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