Democratic lawmakers have formed a group to address regulatory concerns about cryptocurrency

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

At Tuesday’s virtual hearing of the US House of Representatives working group on financial technologies Waters he said “Cryptocurrencies and other digital assets” were an important issue for the House Financial Services Committee, which it chairs. The California Congressman added:

“As cryptocurrencies grow exponentially, I have organized a Democratic Party working group to work with regulators and experts on deep immersion in this poorly understood and minimally regulated industry.”

Waters has spoken in other hearings about her concerns about the digital currency. In 2019 she tried to stop Facebook Diem token a project – then called Libra – “until Congress and regulators have the opportunity to examine and act on these issues.”

The congressman’s remarks come amid many U.S. lawmakers who speak harshly about cryptocurrencies after a series of ransomware attacks on the country’s main infrastructure. Last month, Colonial Pipeline was forced to pay hackers $ 4.4 million in a cryptocurrency following a ransomware attack on their systems. The government working group was subsequently able Recover more than $ 2 million resources.

Related: In a Senate meeting, Elizabeth Warren compares “fake” cryptocurrencies with “legitimate” CBDCs

The role of the cryptocurrency as a national security issue in ransomware attacks seems to be quite troubling, President Joe Biden can speak directly on this topic during tomorrow’s meeting with Russian President Vladimir Putin. The White House issued a statement on Sunday naming virtual currency as part of “harmful cyber activities”.

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