A few hours back, U.S. Senator Elizabeth Warren took a dig at the government’s decision to save the sinking banks. She tweeted that Americans continue to be skeptical of the system because it holds “millions of struggling student loan borrowers in limbo,” but stepped in overnight to make sure that the billion-dollar crypto firms do not lose a “dime in deposits.”
The tweet managed to garner a lot of criticism from several community members. Ripple’s Global Policy Senior Director, Susan Friedman, slammed Warren and said that repeating something “demonstrably false” over and over again would not magically make it true.
In fact, she went on to assert that the U.S. government did not step in to protect crypto. She added that the decision to protect depositors affected a “diverse group of businesses and individuals,” of which crypto was merely a part. Friedman went on to further add,
“We deserve more from our elected officials than clickbait headlines that don’t nearly begin to tell the full story.”
Read More: U.S. Senator Elizabeth Warren Attacks Crypto Amidst FTX Collapse
The crypto community reacts
Senator Warren has time and again criticized crypto. Recently, she referred to the FTX debacle as “a wake-up call” and Congress to “close loopholes” and back up “financial cops”. However, as reported, her statements did not read like an expert advising against calamity, but of misinformation prevailing in the public sphere.
Leaving aside Ripple’s policy executive, a host of others from the space also outrightly disagreed with Warren’s latest claims. Lex Moskovski, for instance, went on to label Warren’s assertions to be “cringe, wrong, and unfair.”
Hailey Lennon, Founder, and President at Crypto Connect and Legal Analyst at Forbes, called out Warren for instilling FUD in the minds of naive users. Furthermore, she questioned the senator if she felt some responsibility to tweet honestly.
Even though the banking landscape continues to be in turmoil, crypto continues to thrive. In fact, as Ark Invest’s Cathie Wood pointed out recently, Bitcoin, Ethereum, and other crypto networks haven’t skipped a beat.
Also Read: Cardano Founder: Crypto Needs To “De-Risk” From Unstable, Volatile Banks