The post Warren Flags Economic Risk, CZ Defends Industry appeared on BitcoinEthereumNews.com.

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 view, saying, “She wants to limit US companies (Amazon, Meta, GE) to protect the ‘US economy’ / NYSE?” He pushed back on the idea that the NYSE represents the broader economy, pointing out that it’s just one company, wholly owned by ICE, with a market cap of around $100 billion. On the other hand, Amazon alone is valued at $2.4 trillion. “NYSE ≠ economy,” argued Zhao. “All companies = economy.” “Superhighway of Crypto Corruption” Warren has consistently criticized the proposed cryptocurrency bills, which she argues could enable corruption tied to the Trump family’s crypto ventures. During a recent Senate hearing, the Democrat urged Congress to implement stricter regulations on digital assets. She referred to his businesses, including…

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Filed under: News - @ July 17, 2025 4:27 pm