Odaily News At a recent hearing of the U.S. House of Representatives Financial Services Committee, Representative Ayanna Pressley expressed strong concerns about the growing prevalence of cryptocurrency scams and urged stronger consumer protection. She emphasized that the Consumer Financial Protection Bureau (CFPB) played an important role in combating fraud, but was disbanded under the influence of Trump and Musk, especially through the actions taken by the Department of Government Efficiency (DOGE).
Pressley pointed out that there are real-life cases of individuals losing their savings to cryptocurrency scams, which highlights the urgent need for government intervention. Without CFPB safeguards, consumers are vulnerable to cryptocurrency scam schemes, which are increasing.
Pressley also criticized Trump's Meme coin for causing losses to ordinary investors, calling it a scam. She contrasted Trump's actions with the CFPB's mission to protect consumers and called for the agency to be restored: "We need to reopen this important agency to complete its necessary work." (Bitcoin.com)