House Democrats Form Cryptocurrency Working Group

House Democrats Form Cryptocurrency Working Group

U.S. Rep. Maxine Waters (D-Calif.) announced she is forming a group of Democratic House members to tackle growing concerns about cryptocurrency in a virtual hearing with the FinTech Task Force discussing central bank digital currencies .

Waters, the Chairwoman of the House Financial Services Committee, said the group will work “to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry.”

In a June 9 hearing last week, Sen. Elizabeth Warren (D-Mass.) echoed a similar sentiment towards the growing cryptocurrency space, referring to it as “a Wild West” in need of regulation.

Pressure for regulation in the cryptocurrency space comes on the heels of demand for a central bank digital currency backed by the Federal Reserve, which politicians like Warren believe would “drive out bogus digital private money,” she stated in that same hearing.

While Waters has long been critical of cryptocurrency and its unregulated nature, the recent cyber attacks against Colonial Pipeline, whose ransom was paid in bitcoin, continue to spark new discussions on the future of government regulation in the cryptocurrency space.

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