Senator Elizabeth Warren, a Democrat from Massachusetts, has called on United States Treasury Secretary Janet Yellen and other regulators to develop a "comprehensive and coordinated" framework for addressing risks in the cryptocurrency market.

In a letter addressed to Yellen, the Autonomous senator said the Fiscal Stability Oversight Council, likewise known as FSOC, "must human activity speedily to utilize its statutory authority to accost cryptocurrencies' risks and regulate the market to ensure the condom and stability of consumers and our financial system." She continued:

"As the need for cryptocurrencies continues to grow and these assets become more embedded in our financial system, consumers, the surround, and our fiscal system are under growing threats."

In Warren's view, an underregulated cryptocurrency marketplace poses a meaning risk to hedge funds and banks. She also cited concerns about the employ of cryptocurrency in cyberattacks and the threat posed by stablecoins.

Related: Sen. Warren queries SEC chair on lack of crypto investor protection

Within the United States Senate, Warren has emerged as one of crypto'southward biggest detractors. In June, she described digital avails like Dogecoin (DOGE) equally a "fourth charge per unit alternative to real currency" and urged the Senate Banking Committee to consider drafting more stringent regulations.

Calls to regulate cryptocurrencies have grown louder in recent months due to the apparent ascent in crypto ransomware attacks and the alleged environmental impact of Bitcoin (BTC) mining. As Cointelegraph reported, the Securities and Commutation Commission has proposed working with Congress to table more comprehensive cryptocurrency regulation. Gary Gensler, the newly appointed chairman of the securities regulator, told a congressional subcommittee in March that his agency only spends $325 million annually on researching blockchain technology.

Related: Countries representing over 90% of global GDP are exploring CBDCs

Despite her criticisms of crypto assets in general, Warren appears to be much more open to the idea of a primal banking concern digital currency, or CBDC. The Federal Reserve is in the process of researching CBDC development, but has not made any definitive plans to move alee. Every bit far as major central banks become, the Fed is considered well backside the adoption curve with respect to CBDCs.