House of Democrats Leader Convenes a Working Group on Crypto

Sahaj  |  Jun 16, 2021

The leader of the House Financial Services Committee, Maxine Waters (D-CA) is reportedly gathering the house democrats in a new working group focused on crypto. Maxine has recently joined the Fintech Task Force in a virtual hearing that happened today on the matter of CBDCs.

House Democrats Planning to Form Working Group Targetted on Crypto

Mentioning the raising concerns over the surge of crypto assets, Maxine said:

"As cryptocurrencies grow exponentially, I've organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry."

Though Maxine Waters has long been a critic of cryptocurrencies and the risk involved with them, she has joined the surging ranks of the senior Democratic Party leaders in order to raise her voice critically on the subject in recent weeks.

This is specifically since the ransomware shut down the Colonial Pipeline last month. 

Senator Elizabeth Warren Calling on Lawmakers

Senator Elizabeth Warren has recently criticized cryptocurrencies at a similar hearing which was focussed on the Central Bank Digital Currencies before the Senate Economic Policy Committee last week.

In addition to this, it should be noted that the Biden administration has similarly highlighted ransomware as a national security concern.

Calling on the lawmakers recently, Warren suggested that the regulating bodies should take a look at the problems related to Bitcoin and other digital assets.

Well, the pressure for tightening the security for cryptocurrencies is coming at a time when the rollout of a central CBDC is being a topic of discussion. The topic of the hearing was majorly focused on the CBDCs and the capability of a digital dollar.

Along with this, it was revealed that the introduction of a Central Bank Digital Currency could have the potential to drive out bogus private money and improvise financial inclusion.

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