As it became known, the US President Donald Trump, together with the US Department of Justice, signed an executive order to protect consumers from crimes related to cryptocurrencies. A special group will be created to fight financial violations.
According to the executive order, the Task Force on Market Integrity and Consumer Fraud will focus on combating fraud in financial spheres, especially on cryptocurrency markets. The new task force is led by the Ministry of Justice and includes the Securities and Exchange Commission, the Federal Trade Commission, and the Consumer Financial Protection Bureau (CFPB).
The special attention will be focused on cases involving fraud against the government, the financial markets, and consumers; securities and commodities fraud; digital currencies fraud; money laundering; tax fraud; health care fraud; and other financial crimes.
Deputy Attorney General, Rod Rosenstein noted:
"Fraud committed by companies and their employees has a devastating impact on American citizens in the financial markets, the health care sector, and elsewhere... A lot of these schemes involve bitcoin and other cryptocurrencies which do not flow through the traditional financial system."
Rosenstein expects that companies will seek to cooperate with the government in the investigation of crypto crimes in order to avoid misunderstandings, for example, getting fines for the same violation.
In general, this is good news for the cryptosystem, as reducing of cryptographic attacks should increase the industry's reputation among the general public.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account