Federal Trade Commission Chairman: Congress and FTC’s Main Priority is Privacy and Data Security
Whether an investor is involved in traditional or crypto-related trading, privacy appears to be a “must have” when determining where funds will be placed. Though the responsibility to uphold this privacy is often the role of the exchange where trading is done, the federal government also has a responsibility to protect citizens.
Perhaps those needs are what has caused Federal Trade Commission (FTC) Chairman Joe Simons to speak up, according to an article by Forbes on March 5th.
Speaking on behalf of the FTC and Congress, Simons commented that enforcing privacy and data security will be done with “every tool available” in their arsenal. However, those tools do not appear to be enough, because he is asking Congress for more. He believes that the best way to protect privacy for consumers is with additional legislation, but the new laws wouldn’t necessarily help with the crypto industry.
The agency makes it a goal to go after crypto-related fraud cases, but Simons expressed that the legislation to help with these efforts may not be necessary.
The FTC has long stood for truth-in-advertising, which they have had to evolve as online ads and infomercials become more popular. However, the agency’s pursuance of fraud will target fake influencers and endorsements, specifically based on erroneous weight loss claims and promises of addiction cures.
Simons aims for the unit to be incredibly active in their aggression against these attacks on user privacy. The task force had announced a week ago that they would be watching the competition as it grew amongst multiple online sources, including social networking, online advertising, mobile operating systems and apps, and other tech-based initiatives.