House Democrats Form Cryptocurrency Working Group

The announcement came in a hearing about central bank digital currencies.

AccessTimeIconJun 15, 2021 at 6:43 p.m. UTC
Updated Sep 14, 2021 at 1:11 p.m. UTC

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

Waters, 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 hearing last week, Sen. Elizabeth Warren (D-Mass.) echoed a similar sentiment toward the crypto industry, referring to it as a "Wild West” in need of regulation.

Pressure for regulation comes on the heels of demand for a central bank digital currency backed by the Federal Reserve, which Warren said would “drive out bogus digital private money."

Waters has long been critical of cryptocurrency and its unregulated nature, and last month's cyberattacks against Colonial Pipeline, which paid a ransom in bitcoin, sparked new discussions about regulating crypto.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC