CFTC Took Action Against Crypto Fraud or Ponzi Scheme

As people getting more interest in crypto and attract towards it. Fraud and scam
websites taking benefit from it and cheat people with crypto Ponzi schemes. These schemes fraud in different ways by offering mining services or double their investment and other things like that. But now authorities like CFTC (Commodity Futures Trading Commission) working on it and blocking their ways to cheat people. They charged Nevada-Based Circle Society offering 300% on their investment. They collected approx $11 million.

CFTC Chairmen Said
“Digital assets and other 21st century commodities hold great promise for our economy. Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we will only succeed if these markets have integrity.”

More he said about crypto in the U.S that
“One of the things I’d like to say because this is my first big public appearance as
Chairman is that I wanted to stress the importance of blockchain and digital assets to the United States and in particular as CFTC Chairman, I want the U.S. to lead in this technology. I don’t want another country to lead – I want the United States to lead because whoever leads in this technology is going to end up writing the rules of the
game.”

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