Elizabeth Warren, a US senator, has increased her calls for stricter crypto regulation and responsible government expenditure.
Two separate letters were written by the Senator outlining her goals for federal efficiency and raising concerns regarding crypto-related ethical issues.
Doge recommendations
In a letter dated Jan. 23 to Elon Mots, head of DOGE (Department of Government Efficiency), Warren outlined 30 strategies for saving $2 trillion over the next 10 years in federal expenditures.
Her recommendations seek to preserve critical programs, such as Medicare or Social Security and reduce wasteful spending.
She said:
“It would be outrageous to cut these programs in the name of government thriftiness while handing out trillions of dollars in tax cuts for billionaires and big corporations.”
Warren’s proposals include closing tax loopholes that benefit the wealthy, such as the carried interest provision. She also suggested taxing estates’ capital gains and fully funding the IRS to crack down on tax evasion.
She wrote that these steps would result in a fairer collection of taxes and better services for taxpayers. She wrote that:
“Fully funding the IRS would meet DOGE’s goals of making government more efficient and protecting taxpayers: it would allow the government to catch wealthy tax cheats that avoid paying their fair share and provide better service for millions of taxpayers that are owed refunds or need help with their taxes. Fully funding the IRS would lead to a 12:1 return on investment.”
The Democrat also emphasized the fact that healthcare reforms, such as allowing Medicare negotiate drug prices, and reducing waste in contracts for defense, can result in significant savings.
She said that by reducing waste in federal contracts and combating monopolistic behavior, small businesses could be protected and consumer costs reduced. These steps, she said, would help maintain essential public services without compromising the country’s fiscal health.
Warren concluded
“If you are serious about finding ways to make the federal government more efficient and save money for American taxpayers—without cutting key programs like Medicare, Medicaid, and Social Security, or raising taxes on middle class families—there are ample opportunities for you
to do so. This letter provides you with 30 recommendations that would save at least $2 trillion.”
Trump themed coins cause concern
In a letter dated Jan. 22, sent to several regulators, including Treasury Secretary and CFTC Chairman, Warren urged US financial regulators, to look into the legal and ethical concerns regarding crypto meme tokens that are linked to Melania and Donald Trump.
Warren expressed alarm over the launch of the Trump-themed memecoins—TRUMP and MELANIA— which she believes could enrich the president at the expense of the public.
The lawmaker described these tokens as volatile assets that facilitate the financial speculation on Trump’s political fortunes. She warned that these tokens could be used by foreigners to influence US politics.
She said:
“Anyone, including the leaders of hostile nations, can covertly buy these coins, raising the specter of uninhibited and untraceable foreign influence over the President of the United States, all while President Trump’s supporters are left to shoulder the risk of investing in $TRUMP and $MELANIA.”
She raised ethical questions about the token and noted that Trump would, in his role as President, appoint officials to the agencies regulating crypto. The senator argues that the token raises ethical questions regarding governance.
Warren went on to state that memecoins harm the very people Trump claimed to support. She said:
“This meme coin could hurt the very people President Trump says he is working to help.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
