A CFTC (Commodity Futures Trading Commission) official named Christie Goldsmith Romero wants to make it harder for fraudsters, especially with all the ransomware attacks related to cryptocurrencies happening this year.
She suggests creating a big database where we can easily find records of people who have been found guilty of financial fraud and had to pay fines. This will help investors and the police catch scammers.
Speaking at a conference, she said that US regulators should make this database of financial crimes to fight against these bad actors.
Christie Goldsmith Romero, who works at the CFTC, said that making a big record of financial crimes would be like a complete list that everyone can easily look at before they decide to trust someone with their money or do business with them.
She thinks this will help the government find people who keep doing bad things and stop new scammers from even trying.
She also mentioned that fraud is a big problem in the cryptocurrency world, but right now, there’s no one place where all the information is together, so it’s hard for people to know who they can trust.
Goldsmith Romero’s Ongoing Proposals
Goldsmith Romero had the idea of creating a registry a few years ago. She was in charge of a program to help during the financial crisis in 2009. Last March, she became one of the five commissioners at the Commodity Futures Trading Commission.
In her previous job, she made a database to find financial crimes linked to something called the Troubled Asset Relief Program (TARP). This database could be like a guide for making a bigger one that all federal regulators and even state regulators could use to keep track of bad financial behavior.
Rising Incidents of Crypto Attacks
The thought of making a big list of financial frauds across the whole country came up when cryptocurrencies became really popular in the first part of 2023.
A report from Crypto Crime shows that there have been a lot more ransomware attacks in the first half of 2023. Just in that time, these attacks added up to a huge $449.1 million. It’s a big problem that’s getting worse.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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