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In this quote, Elizabeth Warren is criticizing the lack of regulations around derivatives, which are complex financial instruments like credit default swaps that were a major factor leading to the 2008 financial crisis. Warren argues that while derivatives played a key role in destabilizing the financial system and triggering the crisis, the Securities and Exchange Commission has still not enacted any rules to properly oversee these products and mitigate risks.
The quote conveys Warren’s view that the absence of regulations on derivatives leaves the system vulnerable to another potential crisis. She seems to believe more oversight of this market is needed to prevent a repeat of the irresponsible behavior with derivatives that contributed greatly to the last economic downturn.