Elizabeth Warren

One of the easiest and least disruptive things we can do to address the climate crisis is crack down on environmentally wasteful cryptocurrencies, and now is the time to do it.

The amount of computational power and energy for this is a disaster for our planet.

We have talked a lot today about the dangers that cryptocurrencies pose to our economy.

Big banks are too focused on boosting the multimillion-dollar pay of their CEOs instead of serving their customers.

We urgently need more regulation, more funding for regulation.

Look, cryptocurrencies like Bitcoin are terrible for the environment, and that would be true regardless of whether we were getting anything productive out of that energy usage or not.

A single Bitcoin transaction--that is, one purchase or one sale or one transfer--uses the same amount of electricity as the typical U.S. household uses in more than a month.

The threats posted by crypto show that Congress and Federal regulators can't continue to hide out.

The risks of replaying the experience of the 19th century are real.

They are much riskier. They are dangerous to both their users and, as they grow, to the broader financial system.

Thank you, Mr. Giancarlo. I appreciate it.

Crypto has become a haven for illegal activity.

Cryptocurrencies have turned out to be a fourth-rate alternative to real currency.

A digital dollar can play a role here by providing an attractive and officially supported alternative.

Crypto is a lousy investment. Unlike, say, the stock market, the cryptoworld currently has no consumer protection.

Many cryptocurrencies are created through proof-of-work mining. It involves using computers to solve useless mathematical puzzles.

This is a bipartisan hearing. In fact, it was Ranking Member Kennedy's suggestion to hold it.

I understand why Americans can be very dissatisfied with the banking industry.

About $1 trillion that this thing dropped.

It is time for our banking system, Madam Chair, as you know, to work as well for everyone as it does for Wall Street.

The Government of China, which I have little regard for because it is run by a bunch of pirates.

Congress should authorize the Fed to update our money and payment infrastructure for the 21st century.

In fact, that is why, except for criminals, most people are holding Bitcoin as a speculative investment.

We must make sure that the values that are enshrined in the Dollar today--values like individual liberty, freedom of speech, personal privacy, free enterprise and the rule of law--are encoded in the Digital Dollar of the future.

Thank you, Senator Warner.