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One revelation of this political cycle is that cryptocurrency is here to stay. Both former President  and Vice President  are accepting crypto donations for their campaigns and, according to , the crypto industry has dominated corporate election spending. Still, many Americans feel lost when it comes to crypto and how it works, with many among the older generations still brushing it off as a financial fad. It is, after all, tailored for the next generation of investors, right?  Therein lies the problem.

The idea of decentralized, blockchain-based assets and digital wallets is attracting young people at an impressive rate. According to recent , more than 57 percent of crypto owners are under the age of 35. While a youthful market can be exciting, we as parents need to ensure we are educating our kids about cryptocurrency so they can navigate this new financial realm safely and confidently.

Cryptocurrency is more accessible than ever. From  aimed at young kids to social media campaigns on platforms like X, Instagram, and Discord highlighting the latest crypto investment trends and educational content, there is a wealth of crypto resources readily available. While information can be helpful, it can also be problematic. The sheer volume of content, combined with a lack of oversight in the crypto space, makes it incredibly challenging to distinguish between legitimate advice and outright scams.

Crypto undoubtedly has a place in the future of finance, but it remains largely unregulated, opening up significant risks for young and inexperienced investors. What’s worse, we already know the digital currency landscape is rife with scams, and bad actors are quick to exploit those who don’t know what to look out for.

In 2023 alone, Americans lost more than  to fake investment scams – more than any other scam category and up 21% from the previous year. Even the most financially savvy individuals can fall victim to scams. Take Sam Bankman-Fried’s notorious crypto exchange, FTX, which  investors out of billions. Bankman-Fried misled users into believing that FTX was a secure platform for trading digital assets while using customer funds for high-risk investments. When FTX collapsed in November 2022, it left customers with billions in losses. The damage to many individuals’ finances is irreversible.

And then there’s , a “stablecoin” that  to be backed 1:1 by U.S. dollars, yet has consistently  an independent audit. To make matters worse, S&P assessed Tether’s  (with 1 being the best possible rating and 5 the worst). With no regulatory oversight or transparency about how it manages its reserves, Tether has raised major red flags and could easily mislead young investors into a false sense of security. Outside consumer groups have even begun  on Tether to ensure owners, like those who owned FTX, won’t be left holding the bag when the music stops.

Fortunately, an increasing number of state Attorneys General are  to push for state-focused solutions to cryptocurrency oversight aimed at protecting Americans from scams and holding crypto criminals accountable. There are also efforts at the federal level to pass  that would regulate cryptocurrencies in an effort to protect consumers and bring clarity to the market. It’s clear, however, that regulators are still playing catch-up in this fast-evolving landscape. While we await these protections, we must step up our own efforts as parents to educate our children.

Financial literacy, or lack thereof, is a  in our country. Three out of four teenagers admit they don’t understand basic financial concepts. Half can’t explain what a 401(k) is. More than one in four can’t tell the difference between a credit card and a debit card. Financial literacy programs are crucial, but many schools and educational programs don’t require them. What’s more, if the rapidly growing crypto market is ignored, one of the most influential – and potentially risky – industries will continue to fly below the radar. Not only should schools across our country up their financial literacy game, but they should also ensure cryptocurrency education is a major tenant of those programs.

Parents and educators can’t afford to watch from the sidelines. The future of finance is here, and it’s digital. We need to ensure kids have the proper knowledge about cryptocurrency and how to protect their investments long-term.