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Witnesses and members warn enforcement cuts and fraud risk as Congress debates crypto rulemaking
Summary
Lawmakers and experts at the subcommittee hearing flagged recent enforcement changes and continuing fraud, theft and market‑integrity problems, urging Congress to preserve protections while crafting a new regulatory framework.
During the subcommittee hearing, several members and witnesses raised concerns about a reduction in federal enforcement focused on cryptocurrencies and the continuing presence of fraud, thefts and market abuses in the digital‑asset ecosystem.
Ranking Member Lynch and others said recent agency moves — including a Justice Department shift away from a dedicated cryptocurrency enforcement team and statements limiting SEC oversight in certain cases — raise urgent questions about investor protection and conflicts of interest. Lynch cited investor harms and companies that have faced allegations or enforcement, naming crypto…
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