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Congress and the House Committee on Oversight and Reform are working to crack down on more than $1 billion in reported crypto fraud since the start of 2021. To help continue those efforts, he recently sent letters to four agencies, including the Treasury Department, Federal Trade Commission and Commodity Futures Trading Commission, as well as Securities and Exchange Commission, for more information.
He also contacted five different digital asset exchange companies, including Coinbase, FTX, Binance, Kraken, and KuCoin. In the letters that were sent, these agencies and crypto exchanges were asked to respond by September 12 with information about what they have done and are doing to protect consumers.
The committee is also looking for documents dating back to January 1, 2009 showing efforts to combat crypto fraud and “identify, investigate, and remove or report potentially fraudulent digital assets or accounts” as well as evidence of whether there has ever been discussions to “adopt stricter policies. With the responses it receives, the House Committee on Oversight and Reform aims to craft new legislative solutions, as reported by outlets like CNBC.
The whole picture is messy considering everything that has happened around cryptocurrency over the past few years, especially regarding instances where some exchange companies have seemingly failed to vet assets. digital and to protect consumers.
It will be interesting to see what information these agencies and exchange companies produce, and whether it will lead to legislation that will reduce the number of frauds and bad practices surrounding cryptocurrency. For more on that, be sure to read the full CNBC article. And for more on the latest in the crypto world, be sure to also read some of our previous coverage, including crypto mixing service sanctioned by the US Treasury Tornado Cash for helping hackers launder money.
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Congress Asks Coinbase, FTX, Binance, And More About Billion-Dollar Crypto Fraud
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