US related institutions and such as Binance.US and Coinbase Global cryptocurrency companies are being questioned by a senior Congressman regarding the crypto industry’s capacity to protect its customers.
The Democrat member in question sits on the House of Representatives oversight committee.
Senator Raja Krishnamoorthi Sends Letter to US Treasury Secretary and Cryptocurrency Companies
Raja Krishnamoorthi, Chair of the House Oversight Committee’s Economic and Consumer Policy Subcommittee, wrote on Tuesday to Treasury Secretary Janet Yellen and the heads of three regulatory agencies, including FTX, Kraken, and KuCoin. bitcoin and sent similar letters to CEOs of crypto companies.
Krishnamoorthi raised several questions about how investors are protected from harm in an industry where he argues that fraud is rampant:
“Given the growing popularity of cryptocurrencies as both a form of payment and an investment, I am concerned about the rapid increase in fraud and consumer victimization.”
The congressman asked Yellen and others, including the heads of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission, what efforts they are making to limit fraud and crime.
While the correspondence reminded that the House committee “has broad mandate to investigate any matter ‘any time’,” it was stated that it was too late for a new series of investigative sessions this term of Congress and that Democrats may not be able to retain control of the House after the November midterm elections.
A Republican takeover could mean a new list of committee and subcommittee chairs.
*Not investment advice.
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