Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Capital Markets Subcommittee hearing entitled, “SEC Enforcement: Balancing Deterrence with Due Process.”

Thank you, Chair Wagner and Ranking Member Sherman. Defunding or defanging the SEC only empowers fraudsters, grifters, and those who know the law but don’t like the law. Among these are many crypto firms. To date, the SEC— under both Democratic and Republican Chairs—has taken over 170 enforcement actions against crypto bad actors. The crypto industry, which publicly claims to want regulation, is suing the SEC for trying to regulate it, despite the fact that courts agree that the laws on the books are applicable. Crypto can’t have it both ways. We need strong protections, not deregulation. My message to the crypto industry and everyone else: Democrats will always press for compliance, investor protection, and market integrity.

We’re going to have a bill on the floor Wednesday. Another attempt to kill off the SEC on SAB 121 as it relates to disclosures and what to do on the balance sheet.

I yield back.

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