senator Elizabeth Waren (D-Mass.) has warned that unless tighter regulations are in place to protect investors, continued volatility in the cryptocurrency space will persist.

What happened: In an event of American Economic Freedom Project called “Confronting the Crypto Challenge: Learning from a Meltdown,” said Warren, “for all their talk about innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Traveller — crumbling under the weight of their own deceit, deceit and gross mismanagement.”

“And when they go down, they take a lot of honest investors with them,” she added.

See more: Best Crypto Day Trading Strategies

Warren took a tough stance on crypto fraud in her keynote address on Wednesday, calling out regulators like the Securities and Exchange Commission and banking authorities to take “meaningful consequences” for bad actors, she said.

“Crypto fraud is a big problem, but it’s one we can fix, and the solution starts with the SEC,” Warren said in her keynote. “The SEC has a long history of fighting the very battles we face now.”

She stressed that tighter regulators would give the industry an opportunity to show it can innovate without jeopardizing the financial security of investors or being used by drug traffickers and terrorists to launder money.

“No financial industry should be allowed to write its own playbook, you either obey the law or face harsh consequences if you break it. Crypto is no different,” she noted.

This comes at a time when Bitcoin BTC/USD climbs above $23,000, up 40% since last year.

Continue reading: 20 Million Uniswap Members Say “Yes” to Binance Move: What the “Temperature Check” Means

Disclosure: gasoline ga chairman Jason Raznik is a member of the unsecured creditors’ committee in Voyager Digital’s bankruptcy case.