US Congressman Raja Krishnamoorthi has called on both regulators and cryptocurrency exchanges to prevent fraud in the cryptocurrency world.
According to Krishnamoorthi, a member of the Democratic Party, cryptocurrencies decentralized structure makes them a convenient tool for scammers. In his letter dated August 30, the congressman said:
“Scammers prefer to use cryptocurrencies because there is often no central authority to report suspicious transactions, transactions cannot be reversed once they have been made, and consumers and investors do not have enough understanding of the technology (underlying cryptocurrencies).”
Among the exchanges to which the congressman sent this letter Binance.US, Coinbase, FTX, Kraken and KuCoin is located.
Krishnamoorthi also wrote in his letter To the Securities and Exchange Commission (SEC), Commodity Futures Contracts Commission (CFTC) and to the Federal Trade Commission (FTC) called out.
Member of Congress, regulators and exchanges who received the letter, prevent cryptocurrency scams and protect consumers It demands that they make a comeback by September 12 about what policies they follow for