Officials looking into allegations of deceptive conduct.
The Federal Trade Commission said they have opened investigations into unspecified cryptocurrency firms over allegations of “possible misconduct.” The commission has received complaints that some companies presenting themselves as cryptocurrency firms are actually scams.
“While we can’t comment on current events in the crypto markets or the details of any ongoing investigations, we are investigating several firms for possible misconduct concerning digital assets,” an FTC spokesperson stated.
The recent failure of FTX has brought activities within the cryptocurrency industry into focus, as values declined sharply this year.
The Securities and Exchange Commission is also investigating allegations of cryptocurrency mismanagement.
As the Lord Leads, Pray with Us…
- For wisdom for Chair Lina Khan as the FTC investigates cryptocurrency firms.
- For Chair Gary Gensler as he oversees the SEC’s investigations of similar allegations of fraud in the industry.
- For U.S. officials as they attempt to protect American consumers from unscrupulous business dealings.
Sources: One America News, Wall Street Journal
