Bitcoin Scams, Crypto Scams, cryptocurrency scams, Janet Yellen, janet yellen crypto scams, senator, Senator Rick Scott, Treasury Secretary, us senator crypto

U.S. Senator Rick Scott has urged Treasury Secretary Janet Yellen to take action on cryptocurrency scams, which he said have risen 1,000% in the past year and cost consumers at least $80 million. “This is an unregulated industry, and the alarming amount of criminal activity surrounding cryptocurrency demands action,†he told Yellen.

Senator Scott Alerts Janet Yellen to Cryptocurrency Scams

Senator Rick Scott wrote a letter to Treasury Secretary Jenet Yellen on Thursday raising concerns regarding the rising number of scams involving cryptocurrencies. The senator wrote:

He explained that “Cryptocurrency values have fallen drastically over the last few weeks, while reports of scams and fraud have skyrocketed.†Senator Scott cited research by the Federal Trade Commission (FTC) stating that cryptocurrency scams have risen 1,000% in the past year and cost consumers more than $80 million, with the median amount consumers lost in the scams of $1,900.

He continued:

In his letter, the senator asked how the administration plans to “protect consumers and legitimate investors from widespread cryptocurrency scams†and how the Treasury Department will “identify, stop and prevent fraud and scams in initial coin offerings and the purchase and sale of cryptocurrency on U.S. financial markets.â€

He also asked about “the administration’s plan to plan to address any legal or regulatory uncertainties that may be causing the unnecessarily turbulent environment for the development and sale of cryptocurrency†and what “additional steps†Congress should take.

Senator Scott also questioned what the administration is “doing to protect cryptocurrency markets from foreign interference by our adversaries, including Communist China and Russia.†In addition, the senator wants to know of “any tools available to the administration that may offer more concrete protection and guidance to investors and innovators on these topics.â€

Yellen has herself voiced concerns on several occasions over the use of cryptocurrencies in illicit transactions. She previously said that cryptocurrency was mainly used for illicit financing and promised to work with other federal regulators to come up with an effective regulatory framework for cryptocurrencies.

In February, the treasury secretary named the misuse of cryptocurrencies as a growing problem and stressed the importance of crypto regulation to ensure that bitcoin is not used in illicit transactions. She said the current regulatory framework is not up to the task of regulating cryptocurrencies. Meanwhile, the Biden administration is reportedly working on increased cryptocurrency oversight.

What do you think about Senator Scott asking Treasury Secretary Janet Yellen to take action to protect investors against cryptocurrency scams? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

Major British bank Natwest has launched an alert to urgently warn its customers of cryptocurrency scams, which have been on the rise. The bank has provided several tips for customers “thinking of investing in bitcoin or other cryptocurrencies†on how to spot scams involving cryptocurrencies. “If you ignore the above advice, you could lose all […]

Xem chi tiết: Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

Major British bank Natwest has launched an alert to urgently warn its customers of cryptocurrency scams, which have been on the rise. The bank has provided several tips for customers “thinking of investing in bitcoin or other cryptocurrencies†on how to spot scams involving cryptocurrencies. “If you ignore the above advice, you could lose all […]

Xem chi tiết: Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

Biden Administration Looking to Increase Cryptocurrency Oversight to Protect Investors, Prevent Illicit Transactions

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central […]

Xem chi tiết: Biden Administration Looking to Increase Cryptocurrency Oversight to Protect Investors, Prevent Illicit Transactions

Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in […]

Xem chi tiết: Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in […]

Xem chi tiết: Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Former US Treasury Secretary Larry Summers Says Cryptocurrency Is Here to Stay as Digital Gold

Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency is here to stay as a kind of digital gold. He believes that people want an alternative to gold that is “separate and apart from the day-to-day workings of governments.†Former World Bank Economist Larry Summers Sees Bitcoin as Digital […]

Xem chi tiết: Former US Treasury Secretary Larry Summers Says Cryptocurrency Is Here to Stay as Digital Gold

Former US Treasury Secretary Larry Summers Says Cryptocurrency Is Here to Stay as Digital Gold

Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency is here to stay as a kind of digital gold. He believes that people want an alternative to gold that is “separate and apart from the day-to-day workings of governments.†Former World Bank Economist Larry Summers Sees Bitcoin as Digital […]

Xem chi tiết: Former US Treasury Secretary Larry Summers Says Cryptocurrency Is Here to Stay as Digital Gold

Fraudsters Impersonate a US Federal Agency by Sending Emails Asking for Bitcoin Wallet Keys

U.S. consumers have been receiving fake emails that attempt to impersonate a federal regulatory agency which has raised alarms among crypto community members. The U.S. Office of the Comptroller of the Currency (OCC) warned that such bogus messages ask people for their bitcoin wallet keys. Fictitious Message Contains Several Grammar Mistakes and Typos According to […]

Xem chi tiết: Fraudsters Impersonate a US Federal Agency by Sending Emails Asking for Bitcoin Wallet Keys

Australian Senator Says Cryptocurrency Is Not a Fad — Government Won’t Stand in the Way

Report: Over 100,000 African Youths Have Participated in Binance’s Crypto Education Initiative

Elon Musk Impersonators Rake in $2 Million: Regulator Warns of Fake Giveaway Cryptocurrency Scams

Biden Economics: US Jobs Report Lackluster, Unemployment Extensions Hammer Supply Chain, Americans Want More Stimulus

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Treasury Secretary Yellen Says US Does Not Have Framework ‘up to the Task’ of Regulating Cryptocurrencies

Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

Other Articles