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A U.S. Senate-based Democrat group has reportedly directed Mark Zuckerberg (the CEO of Meta) to offer details regarding the policies of the social media platform covering the frauds in the crypto space.

A report was published by the Washington Post on Friday pointing out that Senators Cory Booker, Bernie Sanders, Dianne Feinstein, Elizabeth Warren, Sherrod Brown, and Robert Menendez requested Zuckerberg to provide details dealing with the policies set by Meta to tackle the crypto scams.  They mentioned that the platform should collaborate with law enforcers and help those who have experienced these frauds.

U.S.-Based Policymakers Request Zuckerberg to Report on Meta’s Policies to Handle Crypto Scams

At present, Instagram, Messenger, WhatsApp, and Facebook are controlled by Meta. The Senators revealed that while keeping in mind the recent fraud-related reports related to the social media apps and venues, they consider that a breeding ground is provided by Meta for the crypto-related scams with which substantial damage is caused to the customers.

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The policymakers referred to a report published by the Federal Trade Commission in June. That report categorized crypto and social media to have a strong bonding to carry out frauds. As per the commission, nearly 50% proportion of the $1B amount of scams dealing with cryptocurrency in the previous year was caused by social media venues.

The policymakers disclosed that up to 4 of every 10 dollars are reported as drained in a scam initiated from the social media venues was drained in crypto. This proportion is far higher than the rest of the methods of payment. The well-known venues mentioned in the respective report took into account, Telegram, WhatsApp, Facebook, and Instagram.

Zuckerberg Has Until 24th October to Detail about Crypto-Confronting Policies

Apart from that, it was recommended by the Democratic senators that Meta should announce cautions on likely frauds in other languages rather than English. Andy Stone, a spokesperson from Meta, reportedly mentioned that the social media giant has invested huge amounts of money to identify as well as avoid frauds. Zuckerberg has been requested by the policymakers to present a detailed report on 24th October 2022.

Likewise, the United States-based Federal Bureau of Investigation aimed at crypto frauds in a notice issued in July. The agency cautioned the common masses regarding the applications which utilize the logos and information analogous to legitimate entities to remain undetected in the eyes of innocent consumers.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.