US Congressman from Illinois Raja Krishnamurthy, amid the growing popularity of digital assets, requested data from cryptocurrency exchanges and regulators on the fight against crypto-fraud.
Raja Krishnamoorthi, Chairman of the U.S. House Reform Oversight Committee Subcommittee, sent letters to Binance.US and Coinbase Global cryptocurrency exchanges asking how they protect users from fraud. Krishnamurthy later sent similar letters to the CEOs of FTX, Kraken, and KuCoin.
In addition, the congressman wrote a letter to US Treasury Secretary Janet Yellen and the leaders of the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC). Krishnamurti is interested in how investors are protected from potential harm in a sector that is “rife with fraud.”
“Given the growing popularity of cryptocurrencies as a form of payment and investment, I am concerned about the rapid rise in user fraud and abuse,” he said in emails.
Some American congressmen in every way impede the development of the cryptocurrency industry. Recently, US Senator Elizabeth Warren, concerned about the impact of cryptocurrencies on the financial system, proposed a bill that would ban banks from providing services related to digital assets.
However, not all US lawmakers are opposed to cryptocurrencies. Thus, US Senator Pat Toomey said that perhaps the Federal Deposit Insurance Corporation (FDIC) is putting pressure on banks to prevent them from providing services to cryptocurrency companies.
Source: Bits
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