US CFTC and SEC Collaborate with Others to Crack Down on Cryptocurrency Investment Scams
The CFTC Office of Customer Education and Outreach (OCEO) announced two partnerships to provide targeted information to customers about cryptocurrency romance scams. These partnerships are a cornerstone of the OCEO’s outreach efforts to expand its audience. The American Bankers Association Foundation, a "private regulator," and other federal agencies are collaborating with the OCEO to create and release an infographic to help viewers identify and avoid "pig butchering" schemes. Additionally, the OCEO will work with the SEC and other organizations to develop investor alerts about "pig butchering and rug pull" scams. OCEO Director Melanie Devoe stated that these partnerships aim to disseminate educational information and prevent scams from harming the public.