US representatives denounced President Trump and Elon Musk, warning that they had turned codes into breeding grounds for fraud for dismantling consumer protections.
Will Elon Musk’s “Doge Bros” stop consumer protection? Legislators sound the alarm
US Representative Ayanna Pressley (D-MA) expressed strong concern about the rise in the prevalence of cryptocurrency fraud at a hearing of the House Financial Services Committee on February 13, and the need for greater consumer protection I urged him to. She said the Consumer Financial Protection Bureau (CFPB) will help tackle fraud before it is demolished under the influence of Donald Trump and Elon Musk, particularly through actions taken by the Department of Government Efficiency (DOGE). I emphasized it.
Presley highlighted the urgent need for government intervention, pointing to real cases of individuals who lost their savings for crypto fraud. Referring to the CFPB, the lawmakers argued:
The agency is currently under attack. Elon Musk and his so-called Doge Brothers have driven out employees, locked doors and stopped them from continuing all the work.
Lawmakers argued that without CFPB protection measures, consumers would remain vulnerable to ever-growing crypto fraud schemes.
Presley also criticized Trump for launching a meme coin that quickly lost value, leaving a loss to everyday investors. “Early this year, Trump launched his own cryptocurrency memecoin. He promoted it on social media and people invested in it,” she explained:
But then, when Trump’s insiders drew money for profit, it quickly lost value, losing about 40%, resulting in working class people stuck to the loss. It was a scam.
She contrasted Trump’s actions with the CFPB’s mission to protect consumers, and called for it to return to work, claiming that “we need to complete the necessary work to resume this important institution.” .
Doge supporters argue that reforms are needed to improve government efficiency and reduce regulatory barriers that could hinder crypto innovation. Musk and his supporters argue that these efforts target bureaucratic inefficiencies while allowing market-driven solutions to combat fraud. Meanwhile, Trump’s custody stance has gained support from those who view him as a supporter of economic independence and distributed finances. His supporters believe that his policies can position the United States as a leader in blockchain innovation by promoting a regulatory environment that promotes growth while protecting investors. Many of the crypto industry advocates clear regulations that prevent fraud while allowing the sector to evolve.
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