The heads of the world’s two most prominent technology companies, Google and Apple, were reportedly summoned by the US government.
This call aims to re-examine the selection process for application entry to the Google Play Store and Apple App Store because of the large number of complex crypto project applications that are allowed to enter for users to download and use.
Government Asks Apple and Google to Be More Thorough
Senator Sherrod Brown from the US government asked Google and Apple to review the crypto project applications circulating on their application exchanges.
This request came through a letter in which there was a request for information regarding how the selection process was carried out and whether the process could be done better, especially regarding crypto applications.
Senator Sherrod Brown is Chair of the Senator’s Committee on banking, property, and public affairs. For now, he is studying crypto because it is considered to disrupt the banking sector.
This request has been coming since February 2022 but is still being asked because it seems that the heads of Apple and Google have not provided complete information.
Since February 2022, Senator Brown has made requests to Google and Apple by letter to open to him the selection process.
Although no complete information has been provided so far, Senator Brown has not given up and continues to urge the two big companies to be more transparent.
This persistence came after Senator Brown studied the crypto industry and understood that a lot of fraud was going on regarding crypto through applications on the Apple App Store and Google Play Store.
He publicly stated his information and views in a discussion on investor protection and understanding of fraud and risks in the crypto and stock markets.
In the government discussion, the participants studied how market players use the marketing process to commit fraud and penetrate the application exchanges of Google and Apple.
Following this discussion, Senator Brown and the US Government appear to be increasingly active in calling for transparency and participation from digital economy market participants to prevent further fraud, especially related to cryptocurrencies.
“While companies providing investment and financial services related to crypto need to warn investors about potential losses from fraud, app exchange owners (Google and Apple) must also have a way to prevent fraud through mobile apps,” said Senator Brown.
The latest news from this case is that Apple and Google asked to respond and fulfill Senator Brown’s request by August 10, 2022.
Fraud and Hacking Continues to Rising
To date, fraud and hacking in the crypto industry still don’t seem to have decreased.
Most of the causes of these hacks and scams are the lack of scrutiny of investors and project owners, especially in bear markets, when many are desperate and willing to do anything to make a profit.
With this mental state, especially for investors, many make decisions impulsively, making it easy for fraudsters and hackers to steal large sums of funds.
An example is a report from Immunefi, which states that the DeFi sector has lost approximately $678 Million due to multiple hacks in the second quarter of 2022.
Hacking and fraud are happening in America and in some other big countries like the UK. It reported that there had been 34,000 cases of legal violations such as hacking and fraud in the UK since 2016.
It seems that hacking and fraud cases are an essential matter to be addressed so that in the future, the growth of the crypto market does not mean an increase in the number of victims losing funds due to fraud and hacking.
Therefore, for now, most governments around the world are making good regulations related to crypto so that the industry can grow in favorable and safe conditions.
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