The US Federal Trade Commission will hold a summer workshop on consumer protection against crypto scams.
The US Federal Trade Commission (FTC) will be holding a free workshop this summer titled “Decrypting Cryptocurrency Scams” according to a press release published today, April 30. The workshop’s main aim is to educate the public about risks in the crypto sphere.
The event will include consumer groups, law enforcement, research organizations, and the private sector to examine how scammers are taking advantage of public interest in digital currencies. The FTC’s press release notes that while interest in crypto has increased this year, so have scams. The regulatory agency cites a rise in “deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines.”
The free June 25 workshop will be held at DePaul University in Chicago, and the event will also be available over a webcast. The crypto workshop falls under the FTC’s current work on protecting consumers using new financial technologies, according to the press release.
In March, the FTC created a Blockchain Working Group that will target fraud that occurs in the blockchain and crypto sphere. The US Securities and Exchange Commission (SEC) also launched a cryptocurrency probe the same month as part of their overall inquiry into how Initial Coin Offerings (ICO) could fall under securities regulations.