THE CFTC AND SEC WARNS PUMP AND DUMP GROUPS TO STOP; "WE HAVE THE POWER"
The Commodity Futures Trading Commission (CFTC) along with the Securities and Exchange Commission (SEC) issued a warning to cryptocurrency pump-and-dump groups and organizers to cease further market manipulation.
Under current US law, the CFTC cannot directly police the crypto markets. However, it does have a mandate to investigate fraud and market manipulation, authority which extends to cryptocurrency exchanges.
The CFTC also hinted that it could seek enforcement actions against those who organize such groups.
While its regulatory oversight authority over commodity cash markets is limited, the CFTC maintains general anti-fraud and manipulation enforcement authority over virtual currency cash markets as a commodity in interstate commerce.
Stay away from Pump and Dumps, PND Groups and SHilling Scams or you might get mixed up with the people currently under investigation.
Remember to research before investing and do not invest with scared money. This is not financial advice but educated speculation.
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The CFTC said it has received a number of complaints from people who have lost money in "pump and dump" scams. It warned people not to buy coins based on social media tips or adverts promising big returns. The regulator also told people not to take part in pump groups on apps like Telegram. why is that happening and what do you think about this
People need to really do to their own research and due diligence. Most of the time people fall for these scams because they are, desperate, gullible, lazy, and uneducated. If people studied the market they can see that there are many opportunities everyday. People need to learn that they are able to make solid investment decision with knowledge, money and patience. Just got to do the homework.
However, sometimes they best teachers are the mistakes we make. Learn from them and move forward.
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