According to a recent press release issued by the House Oversight and Reform Committee Chairman Raja Krishnamoorthi, he has sent a letter to five of the most prominent cryptocurrency exchanges asking about their strategies for preventing cryptocurrency fraud.
Five of the most important cryptocurrency exchanges in the United States have been asked by Congress to provide information about the measures they are doing to prevent bitcoin fraud. The probes are a part of the most recent effort from Congress to introduce more regulation to the cryptocurrency business in the United States. This comes at a time when the nation is still attempting to identify which of its numerous regulatory bodies should regulate the cryptocurrency industry.
At the beginning of this week, members of Congress wrote letters to four federal agencies and five cryptocurrency exchanges in the United States. The letters, which were sent by Representative Raja Krishnamoorthi, make a request for information about the actions that authorities and exchanges are doing to prevent fraud and scams using cryptocurrencies.
The representative requested that Coinbase, FTX, Binance.US, Kraken, and KuCoin give evidence and papers going all the way back to 2009 that demonstrated how they discovered and dealt with fake cryptocurrency accounts and accounts on their systems.
In addition, Congress demanded that the exchanges give information on the instruments and procedures that they used to reduce the possibility of fraud. The firms have until September 12 to submit their replies, along with any ideas they may have about the activities that the federal government need to do in order to reduce the number of crypto frauds in the industry.