Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Oversight and Investigations hybrid hearing entitled, “America on “FIRE”: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?”

Thank you very much, Chair Green. Congress and regulators face many challenges as we grapple with how to best regulate cryptocurrencies, including cryptocurrency issuers, exchanges, and investments. This Committee is committed to providing not only more transparency in this minimally regulated industry, but ensuring appropriate safeguards are in place, and so we have begun a thorough examination of this marketplace.  

Today, I look forward to hearing from our panel about the risk of fraud and market manipulation that can hurt retail investors and regular consumers. Furthermore, I look forward to learning about the systemic risks presented by hedge funds rushing to invest in highly volatile cryptocurrencies and cryptocurrency derivatives.  

So, thank you, Mr. Green, for convening this hearing today.

###