WASHINGTON — A House oversight subcommittee asked regulators and market leaders on Tuesday to discuss what they are doing to stop cryptocurrency scams and other rip-offs committed on customers.
Illinois Rep. Raja Krishnamoorthi, head of the Economic and Consumer Policy subcommittee, asked leaders of the Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commission, and Federal Trade Commission for more details on the actions they are taking to curb the development of scams and customer abuse connected to cryptocurrencies.
The questions come as the cryptocurrency market hasactually seen tremendous volatility, as bitcoin lost almost half its worth at one point this year and other cryptocurrencies fell even more.
“Despite these vulnerabilities, the federal federalgovernment hasactually been sluggish to curb cryptocurrency rip-offs and scams. Existing federal guidelines do not thoroughly or plainly cover cryptocurrencies under all circumsta