Maxine Waters, powerful president of the House Financial Services Committee, announced the formation of a working group on cryptocurrency by the Democrats. He did so during a hearing before the task force dedicated to the fintech sector of the same commission, adding that the provision is inspired by the need to study in depth a phenomenon that, at least at the moment, is poorly understood and poorly regulated. In particular, the working group will help in this regard renowned regulators and experts.
The hearing on CBDCs and the digital dollar
The hearing at which Waters made her announcement was devoted to CBDC, acronym for Central Bank Digital Currency, or the so-called state cryptocurrencies, and the potential risks and benefits of a digital dollar.
They were listened to from this point of view by Dr. Neha Nerula, member of the MIT Media Lab, e Rohan Gray, professor of law at Willamette University.
A theme, that of cryptocurrencies controlled by central banks, which is becoming increasingly popular, also in consideration of the fact that it is above all the China. That is the country that was practically pointed out as a global threat during the last G7. Who the experimentation phase of the digital yuan is in practice ending, which could make its debut later this year. Becoming the tool of a real attack on the leadership positions of the United States.
Maxine Waters' positions on cryptocurrencies
Maxine Waters has made a lot of talk over the past few years in relation to digital money. Starting with the question of Libra, Now diem, the cryptocurrency of Facebook which the Democrat has strongly opposed since the publication of the White Paper.
In particular, the chairman of the House Financial Services Committee at the beginning of the year was very critical of former White House tenant Donald Trump. Which conferred to a former Coinbase executive, Brian brooks, the task of chairing the OCC, which he used to grant the visa for the creation of the first US crypto banks. An act strongly criticized by Waters, who specifically asked that Brooks not be confirmed in the role, in a letter to Joe Biden.
Democrats seem to oppose cryptocurrencies: is this really the case?
The decision to set up a working group among the Democrats in order to study the phenomenon and regulate it, seemed to observers another act of hostility towards the cryptographic space. But is this really the case?
Indeed, the Democrats, at least up to now, have been concerned with emphasizing the negative aspects of digital money. And, above all, on the need to regulate the sector, thereby avoiding scams and use of cryptocurrencies as an instrument of the criminal economy.
An attitude that is clearly visible, for example, in the statements released a few days ago by the senator Elizabeth Warren. Which practically echoed the tones adopted by the Secretary of the Treasury, Janet Yellen, during a parliamentary hearing. Pointing out cryptocurrencies as a danger in the event that a clear legislative framework is not adopted and capable of setting precise stakes. A theme which, however, is certainly not exclusive to the Democrats.