Elizabeth Warren compares ‘bogus' crypto to ‘legitimate' CBDCs in senate hearing

Democratic Senator Elizabeth Warren did not mince words when it came to criticizing crypto, but seemed to consider a federally-backed digital currency as a possible solution to address problems around financial inclusion in the United States.

At a Wednesday session of the Senate Banking Committee discussing a U.S. government-backed central bank digital currency, or CBDC, Warren said the recent explosion in cryptocurrencies had helped many people understand the foundational technology on which digital currencies were based. However, she called crypto a “fourth rate alternative to real currency.”