U.S. President Donald Trump announced plans to create a new cryptocurrency task force to investigate crypto crimes and to clamp down on cybercriminals.
The group is called ‘the Task Force on Market Integrity and Consumer Fraud’, according to the official document, It will be chaired by Deputy Attorney General and will include Director of the FBI.
The purpose of the group is to provide recommendations to the Attorney General on the subject of financial fraud in all its guises. Notably, digital currency is included in the order.
Yet notable for the crypto industry is its mention of “digital currency fraud,” which is one of a number of areas in which the task force will “provide guidance for the investigation and prosecution of cases involving fraud.”
Alongside tackling digital currency fraud, the President is also expected to use the task force to reduce the bureaucracy and “conflicting competences” of the market.
The info was made public by the American news outlet, Bloomberg, saying that the White House is very concerned about the amassing number of crypto frauds by hackers and also fraudulent ICO operations.
The hike in crypto crime has led the President to take the issue more seriously and treat it the same way as traditional crimes and other cyber-fraud. We are expecting a thorough investigation since the news was made public.
Yet it’s not surprising that the administration would move in this direction. Earlier this year, the U.S. government indicated that it was working toward a “comprehensive” strategy around cryptocurrencies, with a focus on market fraud. In February, the U.S. Department of Justice formed a cybersecurity task force that includes cryptocurrencies as part of its mandate.
Fraud committed by companies and their employees has a devastating impact on American citizens in the financial markets, the healthcare sector, and elsewhere.
Deputy Attorney General Rod Rosenstein said at the time. “What we’re working on now with our cybercrime task force is a working on a comprehensive strategy to deal with that.”
One thing is for sure, Donald Trump is adamant to set up this new cryptocurrency task force and only time will tell if it will be used for good or if it’s just a political power move.