FTC INVESTIGATES CRYPTO COMPANIES

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Though the agency reported its determination to research the firms’ activities, the Federal Trade Commission Spokesperson was hesitant to display the companies’ names or the reason for the inquiry.

The spokesperson for FTC stated that while they can’t remark on current events in the crypto markets or the elements of any ongoing investigations, they are investigating several companies for possible misconduct affecting digital assets,

Earlier this day, it had been reported that the companies were alleged for their deceptive advertisements. The report asserted that Juliana Gruenwald Henderson, the FTC spokesperson, noted the investigation’s cause was some potential wrongdoing involving digital assets.

Governments initiating procedures

Nevertheless, FTC accused the report had been dishonest, declining to supply any further details of the cause and development of the probe.

Since the collapse of FTX, the whole crypto world has been under stress, with oscillations in coin prices provoking troubles among traders.

Therefore, diverse governments have created procedures to bring regulations to the crypto field to assure security for traders. For example, Kenya’s government has introduced a taxation system in crypto exchanges.

Remarkably, the Securities and Exchange Commission has also taken laws in the use of crypto assets, to the extent that it charged the celebrity Kim Kardashian for advertising a crypto token on her Instagram page.

In closing, as FTC has also taken steps toward probing into many crypto companies, the current announcement can also be another move toward regulating crypto.

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