The US congressman decided to make sure that the methods of app verification are reliable before being allowed into the mobile app stores on Android and iOS.
US Senate Banking Committee Chairman Sherrod Brown wrote letters to the CEOs of Alphabet and Apple corporations, urging them to provide information on how their subsidiaries prevent cryptocurrency fraud in applications hosted in their stores.
In the letter, Brown asked Apple CEO Tim Cook and Alphabet CEO Sundar Pichai about the security measures Google and Apple take when reviewing an app before allowing it on their platforms. The senator asked what criterion the tech giants use to evaluate the reliability of applications:
“Cybercriminals can easily steal the logos, names and other identifying information of crypto companies and then create a fake application, making investors think that everything is decorous and legitimate. It’s not enough for crypto firms to warn their users of potential phishing attacks, app store owners should do the same.”
Brown advocates for government agencies and regulators to urgently approve the rules for the cryptocurrency industry. In his opinion, if legislators delay, then crypto companies themselves will begin to act, and this cannot be allowed, the congressman is sure.
Earlier, US senators proposed to exempt citizens of the country from paying taxes on cryptocurrency transactions in the amount of less than $50 or for transactions with a profit of less than $50.
Source: Bits
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