Trump crypto fraud task force: Earlier this year, the United States government revealed that it was looking at cryptocurrencies, with a particular focus on market fraud, and that it was developing a “comprehensive” strategy around virtual currencies.
Now in the second half of the year, the US government is diving even further into the crypto industry. On Wednesday, July 11th, President Donald Trump signed an executive order, giving officials the final go-ahead they needed to create a consumer fraud task force.
Further, alongside targeting other areas, the new Trump task force will cast a net of focus on “digital currency fraud.”
Trump Crypto Fraud Task Force: About Time
It’s been a long time coming. It seems that, at least lately, there is a new incident of crypto fraud every other week. Either that or a crypto exchange gets hacked, which is a rapidly growing problem.
Assisting the Department of Justice, as well as State, Federal, and local agencies, the new Trump crypto fraud task force will conduct several jobs.
Primarily, however, the Trump task force will investiGate and prosecute those involved in financial crimes, which includes crypto fraud, and, of course, because it is a popular way to conduct illegal activity in the industry, crypto money laundering.
In addition to providing “guidance,” the executive order stated that the Trump task force will work toward recovering the proceeds of consumer fraud and crypto fraud.
Who’s a Part of the Trump Crypto Fraud Task Force?
Members of the new Trump task force include the following:
Attorneys from the Department of Justice
Officers from the Department of Justice
Employees from the Department of Justice
The FBI
Trump Will Benefit
The Trump crypto fraud task force is a good thing, as the problem is worsening. That said, it’s a decent bet Trump knew what he was doing when he signed the executive order. After all, many see this as the president’s first move against crypto fraud; and this move will reside with many in positive ways.
Next, Crypto Regulation!
If the government can oust crypto criminals, removing all signs of crypto fraud and money laundering from the sector, many may change their views on the crypto industry. But, even if they are ousted, a lack of crypto regulation remains.
It would be nice if we could rid all three of these crypto problems, but that will take some time. At least, however, Trump has made a move against cryptocurrency fraud.
The Takeaway
What do you think about the US government aiding crypto crime investigations? Will this solve problems, or create problems?