House panel calls for cryptocurrency fraud oversight

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — A House oversight subcommittee wants regulators and industry leaders to explain what they are doing to stop cryptocurrency fraud and other scams perpetrated on consumers. On Tuesday, Illinois Rep. Raja Krishnamoorthi, head of the Economic and Consumer Policy subcommittee, asked leaders of the Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commission, and Federal Trade Commission for more information on the steps they are taking to curb the growth of fraud and consumer abuse linked to cryptocurrencies. The inquiries come as the cryptocurrency market has seen immense volatility, as bitcoin lost nearly half its value at one point this year and other cryptocurrencies fell even more.