U.S. Congressman criticizes the Meme coin launched by Trump as a scam, accusing Musk and the DOGE team of undermining consumer protection

ChainCatcher news, according to Bitcoin.com, recently at a hearing of the U.S. House Financial Services Committee, Congresswoman Ayanna Pressley expressed strong concerns about the increasing prevalence of cryptocurrency scams and urged for enhanced consumer protection. She emphasized that the Consumer Financial Protection Bureau (CFPB) played a crucial role in combating fraud but was disbanded under the influence of Trump and Musk, particularly through actions taken by the Department of Government Efficiency (DOGE).

Pressley pointed out that there are indeed real-life cases of individuals losing their savings due to cryptocurrency scams, highlighting the urgent need for government intervention. Without the protective measures of the CFPB, consumers are easily vulnerable to cryptocurrency scam schemes, which continue to proliferate.

Pressley also criticized the Meme coin launched by Trump for causing ordinary investors to incur losses, calling it a scam. She compared Trump's actions to the mission of the CFPB to protect consumers and called for the restoration of the agency's operations: "We need to reopen this important agency to carry out its necessary work."