The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Coinbase, Binance, Kraken and Other Crypto Firms Should Explain How They’re Fighting Fraud, Says US Congressman

by Daily Hodl Staff
August 31, 2022
in Regulators

A US Congressman from Illinois is asking prominent federal agencies and crypto exchange platforms for information on how they combat digital asset fraud.

In a new press release, Representative Raja Krishnamoorthi requests information from Coinbase, Kraken, Binance, FTX, and KuCoin on what they are doing to protect American investors from crypto scams.

Krishnamoorthi also sent letters to the U.S. Treasury Department, the U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CTFC) and the Federal Trade Commission (FTC) requesting the same information.

The Congressman says he’s worried about a lack of central power, irreversible transactions, and the limited understanding the public has on crypto fraud.

“As stories of skyrocketing prices and overnight riches have attracted both professional and amateur investors to cryptocurrencies, scammers have cashed in.

The lack of a central authority to flag suspicious transactions in many situations, the irreversibility of transactions, and the limited understanding many consumers and investors have of the underlying technology make cryptocurrency a preferred transaction method for scammers.

For all these reasons, I am concerned about the growth of fraud and consumer abuse linked to cryptocurrencies.”

Krishnamoorthi says the information he’s requesting will help Congress be informed when creating legislative solutions for the digital assets market.

According to the press release, the crypto markets have vulnerabilities that the government has yet to patch up.

“Consumers are often unaware of the patchwork of resources available to inform their cryptocurrency investing decisions, and insurance companies are reluctant to provide insurance to individual consumers given the lack of regulation of digital assets.

Despite these vulnerabilities, the federal government has been slow to curb cryptocurrency scams and fraud, and existing federal regulations do not comprehensively or clearly cover digital assets under all circumstances.”

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Jamo Images

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,939.15
$22,939.15
0.21%
Ethereum
$1,639.89
$1,639.89
1.1%
Cardano
$0.388578
$0.388578
0.18%
XRP
$0.397854
$0.397854
0.09%
Dogecoin
$0.091494
$0.091494
0%

Spotlight

  • Veteran Trader Tone Vays Issues Bitcoin Alert, Says BTC To Hit ‘Triple-Headed’ Resistance Monster
    January 31, 2023
  • Top Crypto Analyst Issues Warning on Altcoins As Bitcoin (BTC) Edges Higher – Here’s His Outlook
    February 3, 2023
  • Can Aptos (APT) Dethrone Solana (SOL)? Coin Bureau Looks At Battle of Ethereum Challengers
    February 6, 2023
  • Analyst Known for Calling Bitcoin and Crypto Bottoms Issues Alert to Altcoin Traders
    January 30, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl