Caution!! Consumers must be protected from cryptocurrency fraud

Bitcoin launched in 2009, motivated by a rejection of centralized banking institutions after the 2008 financial crisis

Federal Trade Commission (FTC) projects consumers will lose $1 billion to cryptocurrency schemes this year

In May, the agency reported that consumers sent $2 million to Elon Musk impersonators in the previous six months

According to a YouGov study, four times as many Americans want cryptocurrency oversight as don't

Despite the recent proliferation of cryptocurrencies, there is no apparent central authority that oversees fraudulent crypto transactions

The early growth of cryptocurrencies may have been helped by the lack of clear market rules and oversight

By combating scams and fraud, federal watchdogs can help the bitcoin ecosystem run safely and allow enterprises to innovate