US Federal Trade Commission forms a workgroup to look closely at cryptocurrencies

19 March 2018

US Federal Trade CommissionLast week the U.S. Federal Trade Commission reported in an official blog post that the regulator will be studying the impact of blockchain technologies, and cryptocurrencies in particular, on its objectives, and established its Blockchain Working Group for that purpose.

Neil Chilson, acting chief technologist at the FTC, noted that the agency has confidence in that the creation of the group will be a strategic step ahead to ensure the FTC’s further pursuance of its missions in providing high level protection of consumers and driving competition with blockchain and cryptocurrency technologies kept in mind.

The key objective of the group will be accumulating more experience for the agency in the cryptocurrency and blockchain industry by means of sharing resources and working with outside experts. The group will also be engaged in enhancing management and transfer of information on enforcement measures taken both within the FTC and beyond.

Chilson made a comment on the misuse of cryptocurrencies and blockchain technologies by fraudsters in light of their ever growing popularity. Being the front-end agency protecting consumer interests and rights, the FTC is aware of numerous suchlike scheme orchestrated in the past. He added that the perpetrators usually try to make money from the hype and ambivalent attitude of consumers to new technologies, being fast to present old tricks under the guise of latest innovations.

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