Monica Eaton, founder of Chargebacks911, a provider of chargeback prevention and remediation technology, reached out to discuss recent developments in the crypto sphere and the pressing need to regulate digital currencies.
As reported by Investor's Business Daily (https://bit.ly/3Zxr9N4), cryptocurrency markets tumbled Fri., Feb 10, 2023, and Bitcoin's price dropped to a three-week lows, plummeting to $21,650 overnight from it's Thurs., Feb. 9 high above $22,700, Eaton noted.
Following the spectacular collapse of FTX (see bit.ly/3y7oNsu), the value of its token FTT, which was the fourth-largest crypto exchange by volume as of Nov. 9, 2022, plummeted, taking other coins down with it including Bitcoin and Ethereum, she stated, adding that according to the Federal Trade Commission, more than 46,000 consumers reported losing more than $1 billion in crypto to scams between Jan. 1, 2021, and March 31, 2022 (see https://bit.ly/3IJRv7N).
"It seems likely that the FTX bankruptcy, and the alleged crimes associated with the exchange, will give government regulators a reason to tighten the rules around crypto companies," Eaton said. She further pointed out that in a Feb. 14, 2023 Senate Banking Committee hearing, (https://bit.ly/3mkZi4k), testimonies from financial and law experts indicated the necessity for a Self-Regulatory Organization, while discussing the need for the Securities and Exchange Commission to collaborate with the Commodity Futures Trading Commission to regulate digital assets. There were also arguments on the implementation of innovation for consumer protection, she added.
"According to consumer advice given by the Federal Exchange Commission, cryptocurrency payments are non-reversible," Eaton said. "There's no centralized party or authority, meaning once you pay with crypto, you can only get your money back if the merchant chooses to send it back. Security and stability must be achieved before the general public and financial institutions begin to see crypto payments as a preferred medium of exchange."
What do you think is the best way to make crypto payments stable and safe enough for business and consumer transactions? Share your views on this at greensheet@greensheet.com. 
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