Bay Area legislator wants more consumer protection for cryptocurrency investors


SAN FRANCISCO (KGO) — Should the wild, wild west be tamed? That’s the question being asked in California about the crypto industry — a financial sector that prides itself in being independent of most government regulators. But some want to change that.

Patrick Duffy knows his numbers.

The CPA decided recently to dip his toes into the crypto market. He’s glad he moved slowly.

“It went down, and it was going further down. So I said, ‘Well, I think it’s time to cut my losses,'” Duffy said.

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Duffy originally invested $500.

That shrunk to $230 in just nine months.

He withdrew his money, but the company kept $40. That’s something he still doesn’t understand.

“I figured the ease of going in should be the ease of going out,” Duffy said.

Numerous others who contacted 7 On Your Side complained about the fees as well.

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“Since the (January) 4th, I have not been able to withdrawal any funds,”…

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