US Senator Sherrod Brown thinks authorities need to “work harder” to prevent cryptocurrency frauds.
Senator Brown in the Senate Fraud in the cryptocurrency and securities markets addressed the regulators at the session held today to draw attention to the cases.
“We have witnessed extraordinary stories of failures in the crypto markets. These revealed both how risky crypto firms are and how interconnected they are.” said Brown, “Back-to-back crashes have shown how quickly supposedly stable investment vehicles can actually collapse. We have seen that unregulated, unlicensed institutions are risky buying and selling cryptocurrencies. could borrow and lend hundreds of millions of dollars” he added.
Brown, who is chairman of the Banking, Housing and Urban Affairs Committee, said that regulators should be able to prevent such situations. “to try harder” thinks it should:
“Both members of this Committee and the American public are learning more about investing in crypto, and in the meantime of scams and your frauds He notices that it is increasing. (Under these circumstances), we too make our regulators work harder We’ll push for it. I’m talking about the SEC here, of course. This is also banking regulation including their institutions.”