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DeFi and Stablecoins Pose Threat to Consumers, US Politician Says -Breaking

by Mike Robinson

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According to US Politicians, DeFi and stablecoins pose a threat to consumers
  • The crypto-world is mocked by politicians
  • Consumers are at risk from DeFi and Stablecoins

To provide seamless usage cases for all users, the blockchain world is continually developing its technology. There are many people and communities that aren’t convinced by the advancements the crypto world brings. Indeed, the situation is disappointing for the industry’s supporters and investors worldwide.

The United States Senator Elizabeth Warren explained in a tweet that crypto could cause harm to consumers and the economy. “Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late, she said.”

This tweet generated a variety of opinions from the Twitter (NYSE.) crypto community. Some people agree, some don’t, while others are just mute. Additionally, over 400 people have retweeted the post with over 2000 others. The number keeps rising over time. This is clear proof that crypto is a hot topic.

The crypto market, on the other side, is strong and stands firm against every challenge it encounters each day. The total crypto market capital is almost $2.4 trillion at the time this article was written, and the 24-hour growth rate for the cryptocurrency market has been +4%. DeFi, NFT and other projects are responsible for this.

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