Trump administration is developing the US task force to guide crypto fraud investigations. The official executive order notes that the group will widely concentrate on consumer fraud.
12 July, AtoZ Markets – The US President Donald Trump has inked an executive order which will create a special cryptocurrency task force. The task force is expected to focus on developing the direction for cryptocurrency fraud investigations.
Trump Administration Forms US Task Force to Guide Crypto Fraud Investigations
The new task force would be entitled the “Task Force on Market Integrity and Consumer Fraud.” The official executive order notes that the group will widely concentrate on consumer fraud. One of the things that concern cryptocurrency industry is that the executive order mentions “digital currency fraud.” It is one of the areas where the task force will “provide guidance for the investigation and prosecution of cases involving fraud.”
It is still not clear in which form the framework will be established. However, the task force might be working on the production of some kind of report for the Trump administration in regards to this sector.
According to a number of reports, this move from Trump administration is not surprising. Earlier this year, the US government has stated that is was focusing on the development of a strategy around cryptos. It was also mentioned that the strategy was about to be focused on market fraud.
US Department of Justice Cybersecurity Taskforce
Back in February, the US Department of Justice has created a cybersecurity task force that had cryptocurrencies as part of its framework. That time, Deputy Attorney General Rod Rosenstein has stated:
“A lot of these schemes involve bitcoin and other cryptocurrencies which do not flow through the traditional financial system. What we’re working on now with our cybercrime task force is a working on a comprehensive strategy to deal with that.”
One of the most significant challenges that the DOJ faces is retaining the staff after training them in the cybersecurity field. He has noted that their expertise and skills make them very valuable to the private industry companies.
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