In a recent legislative meeting hosted by the Nevada Senate Committee on Commerce and Labor, potential measures that could help protect vulnerable populations from fraud, abuse, and manipulation in the cryptocurrency sector were discussed. The proposed bill suggests establishing a recovery fund that would be financed by a 5% fee or assessment on cryptocurrency transactions so victims who are scammed in the cryptocurrency space may recover their losses. Tracking individuals involved in cryptocurrency transactions is also part of the proposed bill, so a registry where people may be identified for possible fraudulent activity would be created.

In order to collaborate in fostering a safe environment for people to invest in, the proposed bill requires individuals who are involved in the business to be registered and licensed. Several stories, including one from a senior citizen who lost all their savings to a cryptocurrency scam, were shared during the meeting, emphasizing the seriousness of such scams and the need for regulation.

Though the initial proposal was met with some resistance, the committee will reconvene to address more bills and consider the idea of cryptocurrency regulations as a way to keep citizen’s savings secure. In the meantime, it is important to exercise caution when dealing in cryptocurrency investments, and to always remember to research potential scams and never invest in anything without understanding the risks.



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