U.S. Agency Investigates Cryptocurrency Companies for Misconduct

A U.S. agency that investigates allegations of deceptive conduct confirmed on Monday that it had probed several cryptocurrency firms for possible misconduct, according to a report on December 6th.

A spokesperson for the Federal Trade Commission (FTC) said in a statement that although the FTC cannot comment on current events in the crypto markets or the details of any ongoing investigations, several firms were under investigation for possible misconduct concerning digital assets. The spokesperson declined to disclose the company names or reasons for the probes.

FTX’s shocking implosion recently sent fresh shocking waves through the cryptocurrency industry, with the value of bitcoin plummeting this year.

The Securities and Exchange Commission (SEC), which also has regulations mandating disclosures from individuals promoting securities, has cracked down on celebrity endorsements, including reality TV star Kim Kardashian, who was accused of promoting crypto tokens on her social media accounts without properly disclosing that she had been paid. FTC has also pursued companies that presented themselves as cryptocurrency-related firms, but which were allegedly nothing more than scams.

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