US Treasury Asks Regulators To Take More Action Against Crypto Scammers
As the Washington Post journalists noted, the Treasury released a report urging federal regulators to step up the fight against fraudsters and illegal crypto activity. Ministry officials want agencies to expand investigations and cases against fraudsters, provide clearer guidelines and help cryptocurrency holders understand the risks, as well as provide tools for seeking help.
In addition, the Treasury expects there to be stronger coordination and transparency among the various branches of government in order to detect crimes more quickly.
Although crypto advocates claim that the technology makes financial services more accessible, the Treasury points out that there is no clear evidence to support this view. Moreover, the less wealthy population is exposed to crypto scams with much greater frequency – 29% of all crypto investors receive less than 50 thousand dollars a year. It’s not clear if the report will impact engagement, but this is yet another instance of a major ministry calling for more regulation of the crypto industry.
