US Senator Sherrod Brown has sent letters requesting information on crypto scam prevention to Apple and Google CEOs. According to the lawmaker, 'Industry shouldn’t be allowed to write the rules that they want to play by”.
Senator Sherrod Brown, chair of the Senate Banking Committee, has penned letters to the CEOs of Google’s parent company Alphabet and Apple calling for the tech firms to provide information on the ways they prevent certain apps from promoting crypto scams.Apple CEO Tim Cook and Alphabet CEO Sundar Pichai for the steps the tech giants were taking in the approval of crypto apps on Apple and Android devices.
“Cyber criminals have stolen company logos, names, and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm,” said Brown.
Speaking at a Thursday hearing with the Senate Banking Committee on"Understanding Scams and Risks in Crypto and Securities Markets," Brownto place some of the burden of addressing crypto scams on platforms and apps on lawmakers and regulators rather than companies: “We hear industry players call for rules of the road when a big fraud is uncovered, and after a big actor has knowingly violated the law. The rules are there, the roadmap is clear, and [the Senate Banking Committee] needs to make sure our regulators enforce the law and protect the workers and families that keep this economy rolling [...] Industry shouldn’t be allowed to write the rules that they want to play by.
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