Ayanna Pressley, a Democratic representative in the U.S. House of Representatives, expressed her serious concerns about the increasing scams involving digital currencies during a session of the House Financial Services Committee. She emphasized that the Consumer Financial Protection Bureau (CFPB) played a significant role in combating fraud before being weakened and shut down due to actions by Donald Trump and Elon Musk at the Department of Government Efficiency (D.O.G.E). Pressley pointed out real cases of individuals losing their savings in digital currency scams and called for immediate government intervention. She claimed that without CFPB protections, consumers are vulnerable to digital currency scam schemes. Pressley also criticized Trump for launching a meme coin that quickly lost its value and demanded the reopening of CFPB to complete its essential work.
