Cryptocurrency News

Democratic lawmakers form group to address regulatory concerns around crypto

Maxine Waters, who represents California’s 43rd congressional district in the US Congress, said she had organized a group of Democratic lawmakers to do a deep dive on cryptocurrencies and central bank digital currencies.

At Tuesday’s virtual hearing of the US House of Representatives Task Force on Financial Technology, Waters said “Cryptocurrencies and other digital assets” was a key issue for the House Financial Services Committee, for which he is chairman. The member of California Congress said:

“As cryptocurrencies grow exponentially, I have organized a working group of Democratic members to engage with regulators and experts to take a deeper dive on this poorly understood and minimally regulated industry.”

Waters has previously spoken out his concerns about the digital currency at other hearings. In 2019, he Trying to stop Facebook’s Diem Token The project – called Libra at the time – “as long as Congress and regulators have an opportunity to investigate these issues and take action.”

Congress’s comments come amid speaking harshly about crypto following a series of ransomware attacks on key infrastructure in the country by several US lawmakers. Last month, Colonial Pipeline was forced to pay $4.4 million in crypto to hackers following a ransomware attack on its systems. A government task force was later able to Over $2 million recovered of funds.

related: Elizabeth Warren Compares ‘Fake’ Crypto to ‘Legal’ CBDC in Senate Hearing

The role of crypto as a national security issue in ransomware attacks has become a concern for President Joe Biden. can speak directly on the subject During a meeting with Russian President Vladimir Putin yesterday. The White House issued a statement on Sunday naming Virtual currency as participating in “malicious cyber activities”.