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US Sen. Brown Pressures Apple, Google on Fake Crypto Investing Apps
Senate Banking Committee Chairman Sherrod Brown sent letters to tech giants, questioning them on their efforts to prevent scams that are costing investors millions.
Updated May 11, 2023, 5:11 p.m. Published Jul 28, 2022, 2:17 p.m.
U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is demanding answers from Apple Inc. (AAPL) and Google parent Alphabet Inc. (GOOGL) about what they’re doing to prevent fraudulent crypto apps that he said have robbed investors of more than $42 million.
- “Cyber criminals have stolen company logos, names and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm,” Brown wrote in the letters to the two companies’ chief executives. “Alarmingly, far too many investors have fallen victim.”
- Brown said it’s “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.” The letters questioned the firms about how apps are evaluated, including “the review process your company takes before approving crypto apps to operate in your app store.”
- The senator’s committee is holding a Thursday hearing examining scams in the cryptocurrency industry.
Read more: US Senators Push Bill to Make Small Crypto Transactions Tax-Free
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
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