politics
New consumer advocacy group launches to highlight crypto risks
Key takeaways
- The non-profit known as Crypto Watchdog is hoping to “bring sunlight to what has so far been a not very transparent industry,” Chapin Fay, executive director of Crypto Watchdog, told The Hill.
- The group aims to highlight the potential for scams and high volatility, how the industry can benefit insiders and the role of digital assets in money laundering and sanctions evasion, according to its website.
- We are pro-innovation,” Fay added. “But part of innovation is accountability.
Why this matters: political developments that affect policy direction and public trust.
The non-profit known as Crypto Watchdog is hoping to “bring sunlight to what has so far been a not very transparent industry,” Chapin Fay, executive director of Crypto Watchdog, told The Hill.
“We’re going to focus on areas of the crypto story that advocates often minimize and are sort of underdeveloped at this point — consumer fraud, market manipulation, insider advantage, criminal misuse, national security risks,” he said.
The group aims to highlight the potential for scams and high volatility, how the industry can benefit insiders and the role of digital assets in money laundering and sanctions evasion, according to its website.
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