Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement in response to President Biden’s Executive Order on Digital Assets:
“President Biden’s Executive Order on digital assets is an important step in furthering our understanding of how cryptocurrencies and other digital assets will shape the future of our financial system and of our society. Of particular note, I am heartened to see that the Executive Order places an emphasis on studying the potential of a U.S. central bank digital currency (CBDC). With working families across the country looking to rebuild from the pandemic by turning to financial alternatives like cryptocurrency, ensuring that people are not vulnerable to fraud, manipulation, and abuse is imperative.
“As Chairwoman of the Financial Services Committee, I am proud that our Committee has been a leader in exploring the emergence of digital assets, convening hearings and briefings on cryptocurrency-related investor and consumer protection issues, the potential of central bank digital currencies, the role of cryptocurrency market exchanges, and the rapid rise of stablecoins.
“My Committee looks forward to working closely with the Administration on digital assets. We will continue to lead on this subject by holding additional digital assets hearings, and considering appropriate legislation.”
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Background:
In May 2019, Chairwoman Waters announced the creation of the Committee’s Task Forces on Financial Technology and Artificial Intelligence. In April 2021, the Committee reauthorized the Task Forces on Financial Technology and Artificial Intelligence for the 117th Congress.
In June 2021, Chairwoman Waters announced the establishment of the Digital Assets Working Group of Democratic Members. In the same month, the Task Force on Financial Technology held a hearing entitled, “Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies,” and the Subcommittee on Oversight and Investigations held a hearing entitled, “America on “FIRE”: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?”
In July 2021, the Subcommittee on National Security, International Development and Monetary Policy held a hearing entitled, “The Promises and Perils of Central Bank Digital Currencies.”
In December 2021, Chairwoman Waters held a hearing entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
In February 2022, Chairwoman Waters held a hearing entitled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.”
