TechFlow reports on February 16 that, according to Bitcoin.com, during a recent U.S. House Committee on Financial Services hearing, Representative Ayanna Pressley expressed strong concern over the growing prevalence of cryptocurrency scams and urged enhanced consumer protections. She emphasized that the Consumer Financial Protection Bureau (CFPB) played a crucial role in combating fraud but was dismantled under the influence of Trump and Musk—particularly through actions taken by the Department of Government Efficiency (DOGE).
Pressley pointed out real-life cases where individuals lost their life savings to crypto scams, highlighting the urgent need for government intervention. Without CFPB safeguards, consumers remain highly vulnerable to an ever-increasing number of cryptocurrency fraud schemes. She also criticized Trump's promoted Meme coin for causing losses among ordinary investors, calling it a scam. Contrasting Trump’s actions with the CFPB’s mission to protect consumers, Pressley called for the agency’s reinstatement: "We need to reopen this vital agency so it can carry out its essential work."
