Cryptocurrency regulation: US authorities are attacking Google and Apple!

Senator Sherrod Brown, head of the Senate Banking Committee, asked tech titans about how they review and approve cryptocurrency trading and wallet apps on Apple’s App Store and Google Play. Alphabet.

The senator sent separate letters to Apple CEO Tim Cook and Alphabet CEO Sundar Pichai.

The EU is years ahead of the US when it comes to crypto regulation and that is becoming a growing concern in the US. CFTC Commissioner @CarolineDPham: “It’s so important that we are rule makers, not rule takers.” https://t.co/hCRrt4AeCI

He worries that millions of Americans are buying unregulated digital assets, such as cryptocurrencies, using unregulated apps.

Alarming FBI Report on Fraudulent Crypto Apps

Brown also made mention of the latest FBI report on the expansion of fraudulent crypto mobile apps created by cybercriminals to defraud investors.

The FBI says that in one particular case, cybercriminals deceived at least two dozen investors by creating a mobile app bearing the name and logo of a well-known trading platform.

The federal agency identified 244 victims of crypto-related crimes and assessed the damage caused by these crimes at approximately $42.7 million.

Brown responded by requesting information on Google and Apple’s review process before listing an app, the measures used to ensure carriers aren’t breaking the rules, and details on reporting practices. ofscam apps.

Are Apple and Google being a little slow in dealing with the ever growing pile of crypto scams? Cyrus with the story over concerns from an Ohio senator here. https://t.co/n0MLmsJNnM

Google and Apple were asked to provide details on the precautions they take to maintain customer safety and fraud awareness, as well as the initiatives they have taken to combat these activities over the past 2 years .

The answers of the 2 MAMA are expected before August 10.