Trump’s New Consumer Fraud Task Force is Focusing on Crypto Crime

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Trump’s New Consumer Fraud Task Force is Focusing on Crypto Crime

By executive order, the Trump administration has established a new task group to safeguard consumers against fraud. While such a project might go many different paths, Bloomberg reports that it looks apparent that the force would spend most of its efforts on countering bitcoin crime. The task group and its direction against cryptocurrency fraud are the latest indications that Washington is worried about the possibility of crimes centered on the popular investing field.

Justice Department to Lead

The Justice Department will lead the new task group, which will include partnerships from other federal departments. The SEC, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau are among them (CFPB).An presidential order establishing the task group mentioned “digital currency fraud” and “cyber fraud” as project key topics.

This is not the first time a task group has been formed to tackle fraud; during the 2008 financial crisis, the Obama administration started a similar endeavor, prior to the existence of cryptocurrencies as we know them today. However, by creating a new initiative, the Trump administration will be able to better oversee the force’s mission. Trump has asked the committee to give guidelines for investigations and to provide recommendations on how to increase collaboration across federal departments.

“Devastating Impact”

“Fraud perpetrated by firms and their personnel has a catastrophic effect on American people in the financial markets, the health care sector, and others,” said Deputy Attorney General Rod Rosenstein. Rosenstein went on to say that agencies will work more to coordinate their investigations in order to prevent “piling on” to a single firm. Previously, different authorities may look into a single offense at the same time. According to Rosenstein, one purpose of expediting this procedure is to persuade corporations to help with investigations and disclose malfeasance on a voluntary basis.

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The CFPB, which was established after the financial crisis to protect consumers from fraudulent mortgage loans and credit card offers, is being overhauled by the Trump administration. It is a highly political agency, with Democrats supporting it and many Republicans opposing it.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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