If you invest in cryptocurrencies like bitcoin, ethereum and dogecoin, do you know how safe your investment in cryptocurrencies is. Apart from this, the biggest question is that how much fear is there of hacking, online fraud or theft of cryptocurrency. Especially in the last one year, the interest of most people has increased in the crypto market. Now even some companies have started taking payments in cryptocurrency. Along with this, with the increasing digitization, the incidents of online fraud have also increased rapidly. What will you do if your partner also gets cheated with cryptocurrency?
The Commodity Futures Trading Commission (CFTC) says that there is no way to prevent fraud with all cryptocurrencies. The US regulator said on Tuesday that there is no way for police to prevent fraud from all cryptocurrencies, but their agency is working on several big cases. Christy Goldsmith Romero, one of 5 commissioners at the Commodity Futures Trading Commission (CFTC), said that cryptocurrency cases make up about 20% of the agency’s portfolio, which recently included civil cases against the Binance and FTX exchanges.
Goldsmith Romero told the New York City Bar Association that there is a lot of fraud in the space. There is no way we can control all cheating, but we have to do something about it. CFTC Chairman Rostin Behnum has sought authority from Parliament for the agency to oversee spot crypto markets.
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Emphasis on the idea of ”turf war”
Goldsmith Romero pushed for the idea of a “turf war” between the CFTC and SEBI over how to regulate crypto, but acknowledged that many of the industries products are new and the agencies are still trying to figure it out. He also said that crypto companies should not view the CFTC as a potentially friendlier regulator than the more moneyed SEC.
The CFTC’s case against the now-bankrupt FTX accuses the exchange and founder Sam Bankman-Fried of misappropriating more than $8 billion in customer deposits. Bankman-Fried has pleaded not guilty to related criminal charges to the US Department of Justice.