Protect Consumers From Losing Big in Cryptocurrency Bubble Burst

Target: Gary Gensler, Chairman of Securities and Exchange Commission (SEC)

Goal: Create regulatory framework for cryptocurrency to safeguard consumer investments.

A major cryptocurrency exchange, FTX, recently declared bankruptcy and put a halt on withdrawals. Now, countless investors are left to wonder if they lost a fortune. This seismic shift is the latest evidence of a potentially cratering digital currency market. Major cryptocurrencies like Ethereum, Altcoins, and Bitcoin have greatly diminished in value. Bitcoin’s value alone has plummeted 60 percent. These harsh realities, along with the numerous cryptocurrency scams targeting consumers, have amplified calls for more regulatory action.

Cryptocurrency carries with it several risks. For one, it has no government backing and no legal protections. Security is another major concern, as transactions may be publicly viewable. Because of these drawbacks, consumers who fall victim to a scam or become ensnared in a scenario like the FTX bankruptcy are left out to dry. Worse yet, cryptocurrency has reportedly become a hotbed for illegal activity as well as an ongoing environmental menace due to crypo mining.

Cryptocurrency is often called the Wild West of finance because it generally operates free from rules and regulations. Sign the petition below to urge leaders to rein in this out-of-control force before it harms more consumers.

PETITION LETTER:

Dear Chairman Gensler,

States like Connecticut, Indiana, South Dakota, and Wyoming have made important moves toward regulating the cryptocurrency market. The federal government has provided the SEC a similar pathway for regulation. The recent collapse of FTX reinforces that now is the time to act.

You have called cryptocurrency a “Wild West” and signaled order needs to be restored. Please do everything in your power to bring this order for the sake of vulnerable consumers.

Sincerely,

[Your Name Here]

Photo Credit: Alesia Kosik