Rep. Raja Krishnamoorthi in a flurry of Aug. 30, 2022, letters questioned the SEC, other financial regulators, and digital asset exchanges on efforts to counter crypto fraud.
Krishnamoorthi, an Illinois Democrat, is chair of the House Oversight Committee’s Subcommittee on Economic and Consumer Policy.
“As stories of skyrocketing prices and overnight riches have attracted both professional and amateur investors to cryptocurrencies, scammers have cashed in,” he wrote in his letter to SEC Chair Gary Gensler. “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.”
Krishnamoorthi also sent letters to the Treasury Department, Commodity Futures Trading Commission (CFTC), and Federal Trade Commission (FTC), as well as exchanges Binance.US, Coinbase, FTX, Kraken, and...
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