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:

I write today with concern about the risks taken by ordinary investors and the significant potential for scams related to cryptocurrency.

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…

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Source: https://news.bitcoin.com/us-senator-treasury-secretary-yellen-cryptocurrency-scams/