POTUS Donald Trump Establishes Anti-Fraud Crypto Task Force For Market Integrity

Trump Establishes Crypto Anti-fraud Task Force

Recently, Donald Trump, the president of the US, signed a presidential order that will establish a task force whose primary objective will be to formulate a guideline concerning the investigation of fraud in the digital currency industry.  Known as the ‘Task Force on Market Integrity and Consumer Fraud‘, this regulatory authority will squarely focus on incidences of fraud, as stipulated in the order.

Precisely, the task force will provide guidance during the investigation and ligation of lawsuits involving fraud, especially regarding cryptocurrencies. Currently, nobody knows of the approach the task force will use, although it is expected to return a report to the president upon the completion of its mandate.

The inauguration of such a body is not surprising, as the government has previously indicated its firm stance against cryptocurrency fraud. In early 2018, the administration revealed that it was developing a strategy that will curb the prevalence of fraud in the digital currency sector.

Also, the US Department of Justice established a cybersecurity task force that will investigate virtual currency fraud in February. Back then, the Deputy Attorney General, Rod Rosenstein, said that most of the scams involved BTC and other digital coins that are dissimilar to the fiat currency financial systems. He further added that the task force will dedicate resources to end this menace.