US Treasury asks regulators to take more action against crypto scams
calling on other federal regulators to further crack down on scams and other illegal crypto activity. Officials want agencies to"expand and increase" investigations and enforcement, issue clearer guidance and help crypto users understand both risks and the reporting tools at their disposal.
In all cases, the Treasury asked for more coordination between government divisions. The department also asked for greater transparency on illegal activity to help spot trends in scams and other crimes. The tougher stance is necessary given the dangers, according to the report. While proponents argue crypto can democratize financial services by making them more affordable and accessible, the Treasury found that there wasn't much evidence to support the claim. If anything, the department found that low-income households were particularly vulnerable to ripoffs — 29 percent of crypto investors had an annual income below $50,000, according to Federal Reserve Board data.
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