My neighbor is yet another example of why stronger regulation for cryptocurrency is urgently needed. He was scammed out of $200,000 after being manipulated by a fraudster over the phone, who convinced him to withdraw large sums of money from his bank account and deposit it into a Bitcoin ATM. The scammer guided him through the entire process in real time, exploiting the anonymity and lack of oversight in cryptocurrency transactions. Because there are currently few safeguards or regulatory measures in place, victims like my neighbor have virtually no way to recover their funds or hold anyone accountable. His experience highlights the critical need for clearer rules, consumer protections, and greater transparency in the crypto space.