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Senator Prompts Regulators to ‘Do More’ to Combat Crypto Scams and Fraud

The chairman of the Senate Banking Committee called out the risks of crypto on Thursday, expressing a need from regulators to protect the public from scams and fraud.
“Bitcoin can be used for old-time schemes and frauds like Ponzi schemes and bogus investments, promising big returns with only upside and no risk,” said Senator Sherrod Brown (D-OH).
“In the last two months, we’ve witnessed spectacular blowups in the crypto markets, exposing both the alarming interconnectedness and the enormous risks among crypto firms,” he said.
Gensler’s absence is “little comfort to the thousands of Americans who lent their crypto to Celsius and Voyager,” he said.
“It’s clear some Americans invested in unsustainable schemes, and even fraud,” Toomey said, rebuking what he called a “regulation-by-enforcement” approach from the SEC.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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