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Daily Dashboard | FTC announces Blockchain Working Group Related reading: OMB to issue government-wide AI risk mitigation directive

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Following the Federal Trade Commission’s lawsuit against four individuals who allegedly promoted deceptive cryptocurrency schemes, Neil Chilson, the FTC’s acting chief technologist, announced that an internal Blockchain Working Group has been organized to protect consumers and promote competition in light of cryptocurrency and blockchain developments. “Fraudsters often attempt to capitalize on the excitement and confusion around hot new technologies, and they are quick to dress up old schemes in the clothes of the latest and greatest innovations,” Chilson wrote. “I expect that fraudsters will repurpose old schemes to capitalize on the current glamour and mystery of cryptocurrency.” The goals of the working group will include building upon staff expertise, facilitating communication and coordination of enforcement actions, and to serve as an “internal forum for brainstorming potential impacts on the FTC’s dual missions and how to address those impacts.”
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