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

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

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

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

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

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

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

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