BitcoinA report by the US Treasury Department warned that the cryptocurrency industry caused a lot of fraud and thefts, and led to losses of $1.6 billion in the United States last year.
The report pointed out that the producers of these currencies had promised that they would democratise financial services, but instead became a minefield of financial crime, calling on federal regulators to redouble their efforts to protect citizens.
In the report, the US Treasury Department urged regulators to exploit the powers already available to them and not wait for Congress to determine who is developing the sector, which encourages the competent authorities and law enforcement officials to cooperate in conducting stricter investigations into any activities suspected of illegality in the cryptocurrency markets.
The US Department issued this report, which focusses on the impact of cryptocurrencies on consumers, investors, and companies, as part of a number of reports and studies and as part of a comprehensive review of the federal government's digital asset trends in implementation of what US President Joe Biden requested last March.
It is worth mentioning that digital assets suffered significant declines in their prices in the previous period, which led to huge losses for large numbers of investors, and the economic downturn exacerbated this trend.
Cryptocurrencies, according to the report, are an acute threat to low-income people who have been tempted to get rich quick with those currencies.
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