Speaking to Cointelegraph, Representative Waters suggested that recent enforcement actions on the crypto space from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) may have been to present the image of “doing something substantive and meaningful” following the collapse of major exchanges including FTX. According to Waters, the market crash and related bankruptcies of major firms gave U.S. lawmakers an opportunity of “getting accountability” in the crypto space.

“To the CFTC and to the SEC: I am not going to get in between any disagreement, any dislike, any of the approaches — the two of you had better come together so that we can deal with crypto,” said Waters. “I think it’s time for the Treasury, the Feds, the CFTC, the SEC, all of us better get together on crypto.”