The Treasury Department is acutely aware that Cryptocurrency scam and hacking are still serious problems, and it is putting pressure on the rest of the US government to react. Like washington articles NoteTreasury issued a report urges other federal regulators to continue cracking down on scams and other illegal crypto activities. Officials want the agencies to “expand and strengthen” investigations and enforcement, provide clearer guidance, and help crypto users understand both the risks and the reporting tools at their disposal. .
In any case, the Treasury has asked for more coordination between parts of the government. The department is also asking for more transparency about illegal activity to help detect trends in fraud and other crimes.
A tougher stance is needed against the dangers, according to the report. While proponents argue that cryptocurrencies could democratize financial services by making them more affordable and accessible, the Treasury found that there was not much evidence to support them. statement support. If anything, the department found that low-income households are particularly vulnerable to bankruptcy — 29% of crypto investors have annual incomes of less than $50,000, according to Council data. Federal Reserve coin.
It is not clear that the findings will lead to decisive action. The Treasury has not outlined a specific strategy to combat cryptocurrency scams and security breachand regulators have their own sometimes conflicting views on how to manage digital assets. The Securities and Exchange Commission considers most crypto tokens to be securities it can monitor, while the Commodity Futures Trading Commission unsurprisingly wants to treat tokens as commodities. While the agencies may not be fighting, this report does little to help establish common ground.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at time of publication.