According to reports, the US President – Donald Trump has set up a DOJ task force that will be in charge of curbing and protecting consumers from cryptocurrency related crimes. The Task Force on Market Integrity and Consumer Fraud, led by Deputy Attorney General Rod Rosenstein will seek to streamline the financial market with an emphasis on cryptocurrencies which remain largely unregulated. The task force is expected to make recommendations to the president himself over possible legislations that will help reduce fraudulent cases in the market and curb cryptocurrency related crimes. Given the president’s outspoken nature especially in regards to financial markets and the ever-growing interest in cryptocurrencies within the U.S, the announcement comes as no surprise to the cryptocurrency industry.
The Structure Of The Task Force
The task force will be headed by the Deputy Attorney General with the assistance of the FBI Director General, Treasury Secretary and Chairman of the Commodity Futures Trading Commission. The task force is expected to coordinate with local, state, federal and international agencies. It has not only been mandated with pursuing means of deterring fraudulent cases but also to help solve ongoing investigations.
According to the Deputy General, the task force’s primary objective will not be to prosecute but to deter fraud. It will begin by identifying key areas of interest to establish how to allocate resources. On top of protecting the government, financial markets, and the consumers, the task force will be taking an extra interest in protecting the elderly, service members and veterans.
President Trump is positive on Cryptocurrencies
The task force in addition to dealing with crypto related crimes is expected to deal with other forms of financial fraud, as the Rosenstein noted in his speech;
We expect to focus on cases involving fraud against the government, the financial markets, and consumers; procurement and grant fraud; securities and commodities fraud; digital currency fraud; money laundering; health care fraud; tax fraud; and other financial crimes,
The announcement of this executive order is welcomed in the highly turbulent crypto market which is always faced by fraud, most of which ends up hurting the market. It has also come as an assurance to many who have feared that the unpredictable President Trump might be opposed to cryptocurrencies. He has been silent on the issue in the past and many have suspected that he might impose harsh regulations against the market. On the contrary however, by protecting the market and deterring crime, he makes it stronger and much safer and welcoming for new investors.
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