A flash update by the FTC – Will this be the end of Cryptocurrency scams?

Cryptocurrency scams will now be examined as per the new agenda released by the Federal Trade Commission [FTC] in Chicago. A workshop will be held on the 25th of June in the city of Chicago. The Director of the FTC’s Bureau of Consumer Protection, Andrew Smith will talk about this during the introduction at the workshop opening which will be followed by three-panel discussions.

The first panel will give a history of uses of cryptocurrencies by the consumer while the second panel will look into examining different types of cryptocurrency scams. The final panel will involve in discussions about enforcement approaches to combating cryptocurrency scams including law enforcement actions taken to date and challenges in effective enforcement.

The workshop is open to the public and charges absolutely no fee at all. It will be held at 1 pm, Central Time at DePaul University as well as be webcasted on FTC’s website.

Cryptocurrencies have revolutionized the outlook of the entire world specifically at transactions, financial systems, and international payments. Everything comes with pros and cons and, so does the crypto world.

On one side, the companies and projects are striving to create advanced and the best available payment infrastructures every single day and have already created some game-changing companies backed by the power of this technology. The other side has also witnessed nefarious minds jumping on the bandwagon, fleecing unwitting investors in elaborate scams.

It is still a big question to the market and investors to differentiate or figure out an actual and genuine ICO from that of a scam. Every ICO looks promising in the beginning and many supposedly established cryptocurrencies can also be deceiving after a certain time.

The CEO of Ripple, Brad Garlinghouse thinks that the problem in the ICO market is so many of these tokens don’t have usefulness. The long-term value of any digital asset will be derived by the usefulness of that digital asset, by the utility it delivers.

He had stated during an event where he spoke previously:

“Do you feel that speculators have been burned and do feel like there are sensible steps that the market as a whole should be taking? I mean have speculators been burned massively?  There have been outright frauds, we’ve all read about these things and I also made the comment “experiments and blockchain or white papers are not a business model” and for those that are focused on investing in those spaces, I would offer a lot of caution.”

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