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Elizabeth Warren is concerned about high network fees Elizabeth Warren is concerned about high network fees

Senator Elizabeth Warren is once again criticizing cryptocurrencies. This time it’s about, among other things, high transaction fees, which she believes could pose a danger to less affluent individuals.

However, the senator didn’t stop with the high fees (to which the users of Ethereum network are most exposed) and she also criticized the outages of exchanges occurring at the time of high volatility on the market. An example is the recently described Kraken exchange outage (September 7, 2021)

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Lack of appropriate solutions

During a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren accused the cryptocurrency industry of failing to deliver the solutions that are necessary for financial inclusion in the US.

She argued her position, among other things… the price drops of the most popular cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). According to the senator, during the recent price drops of most cryptocurrencies, $400 billion disappeared from the market

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“$400 billion in market value disappeared”.

The senator added that popular exchanges (she cited Coinbase as an example) failed to ensure that users were guaranteed to be able to transact, causing many to complain about problems with the platform’s performance. At the same time, according to Senator Warren, investing in DeFi projects is risky, as many of them are not registered with the SEC

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High fees on Ethereum were also mentioned, but this is something that many supporters of cryptocurrencies will certainly agree with. As an example, Elizabeth Warren used the conversion of one cryptocurrency into another, which at one point required a fee exceeding $500

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“The fee to swap between two crypto tokens on the Ethereum network was more than $500″.

Interestingly enough this is about the same senator we wrote about in the article: Elizabeth Warren thinks digital currencies can help the ‘unbanked’.

What do you think about the arguments cited by Senator Elizabeth Warren? Do high fees on the Ethereum network really pose a threat to inexperienced investors? Or should such individuals use cheaper alternatives?

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