CPI of cryptocurrencies still has no start date

The long-awaited Commission of Parliamentary Inquiry (CPI) to investigate the financial pyramids of cryptocurrencies has not yet won a launch date. Despite this, customers who have been harmed by scams expect those responsible for their financial ruin to be in the national spotlight.

The Financial Pyramids CPI, read in plenary and authorized to function by Arthur Lira (PP-AL), was one of those approved in Brazil in recent days. The constitution was read by the 1st vice-chairman of the council, deputy Marcos Pereira (Republicans-SP).

The CPI has an initial term of 120 days, which can be extended to a maximum of 60 days. 32 full members and 32 alternates are nominated by party leaders. The exact date of installation of the CPI has not yet been determined.

Next steps of the CPI of the financial pyramids

The initiative to set up this CPI came from Deputy Áureo Ribeiro (SD-RJ), with the support of 171 parliamentarians. The deputy also authored the bill that resulted in the approval of the Marco das Cryptocurrencies, which will take effect in June 2023.

Therefore, the CPI will focus on investigating 11 companies identified by the Securities and Exchange Commission (CVM) as involved in fraudulent operations involving cryptocurrencies.

All of the companies mentioned have been publicly accused of investors in the past. In addition, they may have used the spread of false information about projects and promised high financial returns to attract victims and maintain large financial pyramid schemes.

Parliamentary committees of inquiry have investigative powers similar to those of judicial authorities. They can summon authorities, request documents and break secrecy by a majority vote of the members.

One of the most nebulous scams the CPI has targeted is that of Atlas Quantum, a company that operated in São Paulo and moved billions of reais from its clients. After the leader disappeared with investors’ money, people lost their savings, although the case has still not been investigated by the competent authorities.

At the end of the CPI, investors from this and other companies expect a response to the end of the scams that tarnished the image of cryptocurrencies in Brazil.

Understand how a CPI works

Available from Agência Câmara de Notícias, an art explains step by step how a CPI works.

Understand how a CPI works
Understand how a CPI works. Art: Agência Câmara/ Agência Senado. Source: Agency Câmara de Notícias.

With this, it is clear that, after the completion of the work of the CPI of the Pyramids of Cryptocurrencies, suspicious companies may be subject to criminal investigation in the future.

In addition, authorities such as the Federal Government Ministry can request the arrest of leaders, among other punitive measures.

Source: Live Coins

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