Maxine Waters, chairman of the U.S. Financial Services Commission, said at the hearing of the Supervision and Investigation Subcommittee on “Will crypto fanaticism lead to financial independence, early retirement or financial bankruptcy?” that the committee has begun a thorough investigation of the market.

Waters stated that Congress and regulators face many challenges as we strive to best regulate cryptocurrencies (including cryptocurrency issuers, exchanges, and investments).

The committee is not only committed to providing greater transparency in this minimally regulated industry, but also to ensure that appropriate protective measures are in place, so it has begun a thorough inspection of this market. I look forward to hearing about the risks of fraud and market manipulation that may harm retail investors and ordinary consumers. In addition, I look forward to understanding the systemic risks of hedge funds’ rush to invest in highly volatile cryptocurrencies and cryptocurrency derivatives.

#KDA# #BTC#