US House Financial Services Committee Democratic Ranking Member: Binance Hack Highlights Need for Stronger Regulation

on October 31, according to an official statement from the Democratic website of the U.S. House Financial Services Committee, Democratic Ranking Member Maxine Waters responded to the Binance hack, stating that this security incident highlights the need for greater accountability in the cryptocurrency industry.

Waters criticized Trump and congressional Republicans for pushing a deregulatory agenda, arguing that it weakens compliance requirements and oversight of the crypto sector. She stated that she and the Democrats on the committee will continue to advocate for stronger consumer protection, stricter financial crime prevention and cybersecurity standards, and concrete accountability for the cryptocurrency industry.