The Consumer Federation of America’s Director of Investor Protection, Corey Frayer, submitted the following testimony prepared for the United States House Committee on Ways and Means Subcommittee on Oversight. The testimony explains how crypto began as a decentralized alternative to Wall Street after the 2008 financial crisis, but has grown into a $3 trillion industry that now closely resembles traditional financial markets. While the technology enables peer-to-peer transactions, many crypto firms operate like conventional intermediaries, often with even greater risk. The Consumer Federation of America urges lawmakers to apply consistent, technology-neutral regulations that protect investors and ensure market stability. Strong, smart oversight is essential to prevent another financial crisis and allow crypto to compete fairly on its merits.