Specifically, during a virtual hearing of the House’s Task Force on Financial Technology, Waters reportedly shared that “cryptocurrencies and other digital assets” were a matter of high importance for the House Financial Services Committee – an entity she is the current chairwoman.
“As cryptocurrencies grow exponentially, I’ve organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry.”
Waters has reportedly voiced out her remarks or concerns, regarding digital currency, during previous hearings. In 2019, she put in efforts to stop Facebook’s Diem token initiative – dubbed “Libra” at the time – until a thorough examination has been carried out by Congress and the authority.
The initiative from the congress member reportedly surfaced following a critical stance that has been displayed by different lawmakers in America, against crypto, after several ransomware hacks occurred on primary networks.
In May 2021, Colonial Pipeline was reportedly forced to complete a payout of a $4.4 million sum to hackers in crypto, after a ransomware attack occurred on their systems. a task force has then been able to reclaim over $2 million of the funds.
The national security problem of falsely utilizing crypto as a means of support in ransomware attacks has reportedly become sufficiently serious for the POTUS Joe Biden to hold a direct discussion on the matter, during his talk with Russian President Vladimir Putin on June 17th.