A U.S. House committee has sent letters to 4 federal agencies and 5 crypto exchanges asking about measures against cryptocurrency fraud and scams. bitcoin $BTC
The letters request “information about the steps they are taking to combat cryptocurrency-related fraud and scams and additional actions that are needed to protect Americans,” explained Rep. Raja Krishnamoorthi , who signed the letters.As stories of skyrocketing prices and overnight riches have attracted both professional and amateur investors to cryptocurrencies, scammers have cashed in.
“The lack of a central authority to flag suspicious transactions in many situations, the irreversibility of transactions, and the limited understanding many consumers and investors have of the underlying technology make cryptocurrency a preferred transaction method for scammers,” Krishnamoorthi emphasized.For all these reasons, I am concerned about the growth of fraud and consumer abuse linked to cryptocurrencies.
“Notwithstanding federal regulations, cryptocurrency exchanges must themselves act to protect consumers conducting transactions through their platforms. By implementing audit policies, requiring certain disclosures, delisting, and adopting other safety mechanisms, cryptocurrency exchanges can—and should—create safer environments for consumers,” the congressman detailed.
The letters ask the federal agencies and crypto exchanges to provide documents dated from January 2009 to the present by Sept. 12.
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