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ARTICLE · 05 SEPTEMBER 2023

Widespread Concerns Regarding Cryptocurrency Fraud

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Cryptocurrency has been with us for over a decade now and yet there is no consistency regarding regulations to protect consumers and govern the crypto market.

United KingdomTechnology
Joanna Bailey
Joanna Bailey
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Cryptocurrency has been with us for over a decade now and yet there is no consistency regarding regulations to protect consumers and govern the crypto market. In a speech at the Piper Sandler Global Exchange & Fintech Conference in New York the chair of United States Securities and Exchange Commission (SEC), Gary Gensler, gave the keynote speech during which he likened the present crypto market to the stock market in the United States in 1920. He commented "...it is full of "hucksters," "fraudsters" "scam artists" and "Ponzi schemes..." and further indicated that just as the securities laws in 1933 and1934 rectified the stock market at the time, so can the crypto market be made sound by applying similar laws.The alarming rise of crypto frauds has resulted in a 183% increase in SEC's legal actions related to crypto.

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