Maxine Waters announced the creation of a working group for the study of cryptocurrencies

Maxine Waters, Chair of the Financial Services Committee of the US House of Representatives, announced the creation of a special working group to study cryptocurrencies and government digital currencies.

At the latest committee hearing, Maxine Waters said a new working group would be looking into government digital currencies and cryptocurrencies and how they might regulate such assets. Waters emphasized:

“Cryptocurrencies are growing exponentially, and I have formed a working group of Democratic Party representatives to liaise with regulators and dive into this unfamiliar and virtually unregulated industry. We will continue our discussion about the digital currencies of central banks that are being developed around the world. ”

According to the congresswoman, state digital currencies can improve the performance of the state financial system through technological innovations. But this requires deep and comprehensive research on the topic to distinguish such assets from conventional cryptocurrencies. At the moment, Waters did not disclose the composition of the working group, as well as the regulators with whom it will interact.

This is not the first working group to study cryptocurrencies in the United States. In May, it was reported that such a group was created by American regulators. It included representatives of various departments, and the goal of the group was the development of clear regulation of the cryptocurrency industry in the United States.

Note that Waters has previously criticized cryptocurrencies more than once. So, at the end of last year, she called on US President Joe Biden to ban banks from storing collateral for stablecoins.