US Senator asks Apple and Alphabet to prevent fake crypto apps. Sherrod Brown, chair of the Senate Banking Committee, sent a letter to the CEO of both companies asking about their approval process and other information to prevent fake crypto apps on 27 July.
Senate Banking Ranking Member Sherrod Brown sends letter to CEOs of Apple and Google asking them about App Store approval processes for crypto apps.https://t.co/LuXPFUqLS8
— AlexanderGrieve.sol/.eth (@AlexanderGrieve) July 28, 2022
The Purpose of A Letter to Apple and Alphabet
On 27 July, US Senator, Sherrod Brown, released information that he sent a letter to the CEO of Apple, Tim Cook, and the CEO of Alphabet, Sundar Pichai. Alphabet is the parent company of Google. The letter is to see how both companies prevent crypto scams.
He stated, “While crypto apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.”
He added that in addition to helping crypto companies prevent this fraudulent activity, app stores must provide “proper safeguards” to minimize this action.
In the same letter sent to both CEOs, Sherrod Brown asked the companies about their approval process to prevent fake crypto apps and other necessary information regarding this issue.
Questions in the Letter for Apple and Alphabet
Sherrod Brown also wants both companies to give answers regarding some questions that would help prevent fake crypto apps. Such as explaining the review process before approving crypto apps in the app store, the monitoring situation to prevent fraudulent activity, actions the company has been taking to alert users about fake crypto apps, and others.
Sherrod Brown is expecting a response from both companies on 10 August 2022.
These actions are necessary to help users, investors, and companies to avoid fake crypto apps. Recently, the FBI issued a warning about this activity as well.