US FTC to Host Consumer Protection Workshop on Cryptocurrency Scams

According to a press release published on April 30, US Federal Trade Commission (FTC) will host a consumer protection workshop in Chicago on June 25 to examine scams involving cryptocurrencies.

As user’s enthusiasm for cryptographic forms of money has developed, scammers are continuously searching for better approaches to exploit customers. Tricks including cryptographic forms of money incorporate tricky venture and business openings, trap and-switch plans, and misleadingly showcased mining machines. The FTC has attempted to instruct customers about cryptocurrencies and consider fraudsters responsible. The workshop titled “Decrypting Cryptocurrency Scams” is part of the FTC’s ongoing work to protect consumers taking advantage of new and emerging financial technology.

The press release further says that

The “Decrypting Cryptocurrency Scams” workshop will bring together consumer groups, law enforcement, research organizations, and the private sector to explore how scammers are exploiting public interest in cryptocurrencies such as bitcoin and Litecoin and to discuss ways to empower and protect consumers”

The federal trade commission conducts workshops and writes reports examining issues related to financial technology and examining the benefits and risks to consumers. In addition, the FTC uses its authority under the FTC Act and other laws to bring law enforcement actions against companies whose deceptive or unfair actions harm consumers. The free June 25 workshop will be held at DePaul University in Chicago, and the occasion will likewise be accessible over a webcast.

In March, the FTC made a Blockchain Working Group that will target extortion that happens in the blockchain and crypto circle. The US Securities and Exchange Commission (SEC) additionally launched a cryptographic probe as part of their general investigation into how Initial Coin Offerings (ICO) could fall under securities directions.

Neil Chilson, Acting Chief Technologist said that

“We believe this working group is an important step to ensure the FTC can continue its missions to protect consumers and promote competition in light of cryptocurrency and blockchain developments”

The FTC in its privacy policy also said that this event is available to people in general and might be shot, recorded, webcast, or generally recorded. By registering, you are concurring that your picture — and anything you say or submit — might be posted inconclusively at ftc.gov or on one of the Commission’s openly accessible social media websites.