Since last year, over half a million people have lost nearly $1 billion to cryptocurrency fraud and criminality. This statistic has caused a US House of Representatives committee to look into the operations of significant exchanges, including Coinbase, FTX, and Kraken. On Tuesday, Rep. Raja Krishnamoorthi, the chair of a committee overseeing economic and consumer affairs, issued letters to five crypto exchanges and four federal agencies, demanding details on the systems they have in place to combat fraud and scams. Five Crypto Exchanges Get Inquiries US Congressman Krishnamoorthi sent letters to the US Treasury, Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Trade Commission, Finance.US, Coinbase, FTX, Kraken, and KuCoin. The letters request responses from the federal authorities and cryptocurrency exchanges by September 12 with details of what they are doing to protect customers. According to the committee, these responses might help create new laws. The letters specifically demand that the exchanges submit records demonstrating attempts to address cryptocurrency fraud and scams going back as far as January 1, 2009. It highlights debates on “whether to implement more rigorous policies” and attempts to “detect, investigate, and remove or flag possibly fraudulent digital assets or accounts.” FBI Warns Against Crypto Fraud The Federal Bureau of Investigation (FBI) recently warned a...
XRP Price Prediction For 24 November
