US Senators Hope to Amend Cybersecurity Bill to Include Crypto

Does Cryptocurrency Need More Regulation?

There’s no denying that the majority of cryptocurrency’s draw is the fact that it’s decentralized and largely unregulated. Used properly, it can allow for a much more secure currency exchange system and allow for a wide range of other benefits.

Unfortunately, that has simply not been the case over the last few years. In fact, in 2022, cryptocurrency-based scams have skyrocketed, with one report stating that more than $2 billion has been lost to scams, a huge increase from 2021.

Even worse, the scams are often perpetrated via social media. Meta, the company that owns social media platforms like Facebook and Instagram, was recently chastised by the Federal Trade Commission (FTC) due to the fact that more than half of these crypto scams were being facilitated through its sites and apps.

Cryptocurrency isn’t going anywhere, though, which highlights the necessity for more commonsense regulation. Employees want to be paid in crypto, ecommerce platforms are beginning to accept crypto, and the popularity continues to gain steam, even with the market having dipped in recent months.

All that to say that, yes, cryptocurrency needs to be more regulated if it hopes to attain the mainstream status users have hoped for all these years.