Since Covid hit, there have been a large number of cryptocurrencies being produced almost daily and it seems like 95% of them are basically fraud.
The problem is, we have not had clear regulations from the SEC and Gary Ginsler who will be soon fired most likely because he is basically worthless.
The problem I see is that there’s a lot more fraud and cryptocurrency and using people’s good names like lottery winners like Michael J Weirsky from New Jersey who won $273 million dollars in 2019!
This is just one example of fraud and there are multiple user accounts on Twitter or “X” platform, Instagram, TikTok or whoever while using this person’s name and asking people to pay $100 to get $50,000.
The other problem about this is that the social media platforms do not remove multiple accounts that are doing the same thing from several different fraudsters.
This is why regulations are needed and regulations within the social media platforms are also needed for multiple accounts that should be flagged and removed within a few days if not one day.
The other problem is that banks have FDIC insurance which really means nothing because no one ever really gets her money back in full. In cryptocurrency there is no FDIC and there is no real asset tied to the cryptocurrency and if someone scams or steals your money somehow from your cryptocurrency wallet address and there’s no recourse or getting your money back in anyway.
I truly believe that a cryptocurrency company should be based on an asset or be required to have a physical business address, not a PO Box and not a private mailbox location. They should also not be required to have a shared suite where they pay a monthly fee of let’s say $100 for the use of an office space.
A lot more needs to be done in this field to take away the fraud and stop hurting American people and people worldwide.
Cryptocurrency is a great idea, but it’s the idea that it could fail because of lack of regulations. These regulations need to be federal not state.
These regulations should also be for the consumer more than the business or the cryptocurrency. If you want to get in business in cryptocurrency, then you need to pay the price in my opinion.
I would love to know more thoughts on other people’s ideas. Regards to this, but this is something that has stuck with me since Covid hit, and I want others to be part of this. This is open for discussion. I do not care who it is, but it is something that needs to be discussed.