Sen. Warren Says Crypto Could Solve Big Banks’‘Enormous Failure’ Of Not Serving Millions Of Low-Income Americans – Forbes

Sen. Warren Says Crypto Could Solve Big Banks’‘Enormous Failure’ Of Not Serving Millions Of Low-Income Americans – Forbes

Topline

Sen. Elizabeth Warren (D-Mass.), a vocal advocate for more regulation of nascent cryptocurrencies, said Wednesday that digital currencies—and particularly those issued by central banks—could help introduce the millions of of low-income Americans who’ve long gone without bank accounts to the broader U.S. financial system, seemingly signaling support for a cryptocurrency offering that’s picking up steam in Washington, D.C.

Key Facts

Speaking to CNBC’s Squawk Box, Warren, who sits on the Senate’s banking and finance committees, said cryptocurrencies and central bank digital currencies “may be an answer” to the “enormous failure by the big banks to reach consumers.”

Warren said cryptocurrencies’ “extremely low transaction costs” could make it a viable means of exchange for the 15 million Americans who, according to the Federal Reserve, don’t have bank accounts and must therefore pay intermediaries to get their paychecks cashed or pay bills.

Warren emphasized that her concerns about cryptocurrencies center on “bad actors” and not the space itself,
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