FDIC sends cease-and-desist letters to 5 crypto firms
The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. It's a followup to actions taken in July.
| Important news about alleged crypto scams from the federal regulator that insures bank deposits! Today, “The Federal Deposit Insurance Corporation (FDIC) issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements.” |
| Last month, the FDIC and CFPB had warned consumers that firms were misusing the FDIC logo. PIRG has issued several warnings to consumers about the investment and scam risks in volatile crypto-currencies, especially since the Super Bowl, when actors, social media influencers and sports stars started promoting crypto relentlessly. |
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Authors
Ed Mierzwinski
Senior Director, Federal Consumer Program, PIRG
Ed oversees U.S. PIRG’s federal consumer program, helping to lead national efforts to improve consumer credit reporting laws, identity theft protections, product safety regulations and more. Ed is co-founder and continuing leader of the coalition, Americans For Financial Reform, which fought for the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, including as its centerpiece the Consumer Financial Protection Bureau. He was awarded the Consumer Federation of America's Esther Peterson Consumer Service Award in 2006, Privacy International's Brandeis Award in 2003, and numerous annual "Top Lobbyist" awards from The Hill and other outlets. Ed lives in Virginia, and on weekends he enjoys biking with friends on the many local bicycle trails.
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