US senator sounds alarm on DeFi, cites PancakeSwap amid market structure delay

With the US Senate set to break for the holidays, Senator Elizabeth Warren asked Justice and Treasury Department officials to disclose any potential investigations into the DeFi platform.

US Senator Elizabeth Warren, one of the more outspoken voices against digital assets in Congress, is calling for answers from Justice Department and Treasury Department officials about a potential investigation into decentralized crypto exchanges, citing concerns over PancakeSwap and Uniswap. 

In a Monday letter to Treasury Secretary Scott Bessent and US Attorney General Pam Bondi, Warren asked whether their respective departments were “investigating significant national security risks posed by decentralized cryptocurrency exchanges like PancakeSwap.”

The Massachusetts senator raised concerns about “improper political influence” from the Trump administration over the selective enforcement of crypto companies and reports of money laundering tied to North Korea, asking for a response by Jan. 12.

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