Rep. Waxman Calls for Stronger Cryptocurrency Oversight Following $6.3 Billion Binance Hack
Rep. Ben Waxman November 2, 2026 | 2:35 PM
State Rep. Ben Waxman, D-Phila., is calling for stronger oversight and accountability in the cryptocurrency industry following reports that hackers stole approximately $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in what is being described as the largest cryptocurrency theft in history.
In 2025, Waxman introduced HB 883, which would require virtual currency brokers to reserve collateral for all digital consumer assets. The collateral will be there to reimburse the consumer in the event of a default, consumers losing access to their accounts, technical failure, or fraud like today’s Binance hack.
The reported theft of billions of dollars in cryptocurrency from Binance has raised serious concerns about the security of digital assets and the risks that consumers face in an industry that continues to grow with limited oversight.
"Cryptocurrency companies are handling enormous amounts of money, and they should be held accountable for protecting it," Waxman said. "Consumers deserve to know that their investments are secure and that there are real protections in place if something goes wrong."
Waxman emphasized that as cryptocurrency becomes more widely used, lawmakers have a duty to take steps to address the financial and security risks associated with the industry.
"We cannot wait until the next major scandal or security breach to take action," Waxman said. "We need stronger safeguards, greater transparency, and real accountability to protect consumers and restore trust in our financial systems."
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