WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a joint Financial Services and Agriculture Subcommittee hearing entitled, “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets.” 

“Last Congress, I focused the efforts of this Committee around addressing problems in the crypto markets. After the Biden Administration testified before our Committee about possible bank-like runs of stablecoins, I set about working on a comprehensive set of legislation jointly with Mr. McHenry, the Treasury, and the Federal Reserve. We made solid progress, but didn’t quite get there. Treasury and our financial regulators also identified further gaps in oversight in the crypto markets, such as limits in the SEC’s authority to go after frauds like FTX, even when they operate just off the coast of Florida. These should be bipartisan concerns, and legislation to address them should have a path to the President’s desk. I hope this Congress we can quickly return to developing legislation together. I yield back.”