U.S. Representative Ayanna Pressley has criticized President Trump and Elon Musk for dismantling consumer protections, leading to an increase in cryptocurrency scams. Speaking at a House Financial Services Committee hearing, Pressley highlighted the role of the Consumer Financial Protection Bureau (CFPB) in combating fraud before it was dismantled. She argued that without the safeguards provided by the CFPB, consumers are more vulnerable to crypto fraud schemes. Pressley also criticized Trump for launching a meme coin that lost value, resulting in losses for everyday investors. Supporters of DOGE, including Musk, believe that reforms are necessary to improve government efficiency, reduce regulatory barriers, and foster a regulatory environment that promotes growth while protecting investors.



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