Summary title: Petition No 0421/2020 by Jonathan Levy (US) on the need to set up a crypto assets fund for crypto crime victims
Petition number: 0421/2020
Topics: Financial Services, Economic and Monetary Affairs, Justice
Country: United Kingdom, European Union
Name: Jonathan Levy
The petitioner indicates that the victims of crypto crime are defrauded of thousands of millions of euros annually. He points out that the European Parliament has already called for measures to regulate crypto assets and observes that, to date, no crypto asset funding has been set aside to compensate the victims of directly related criminal activities. The petitioner is therefore seeking the introduction of a regulatory scheme to compensate victims. He is acting on behalf of the victims of crypto crime (fraud, piracy and extortion) illegally targeting or making criminal use of crypto assets. Victims have attempted to recoup their losses in different ways such as legal proceedings in national courts, criminal complaints to national authorities, bank transfers, credit card reversals and block chain tracking. None of these remedies has been successful owing to the multi-jurisdictional nature of the crypto-currency transaction. Similarly, the petitioner notes that neither the Commission nor the European Ombudsman have declared themselves competent in this matter. He urges the European Parliament to act directly to help the victims of crypto-active crimes as part of its EU strategy for the creation of a genuine single market for digital financial services.