You can say what you want about the American President, Donald Trump, and most people do, but this week he announced plans to create a new cryptocurrency task force to investigate crypto crimes and to clamp down on cybercriminals, as reported by Bloomberg. It is interesting to see the U.S. supremo getting involved with the protection of crypto, but what does it all mean?
In an interesting move this week, Trump called for a new cryptocurrency task force to tackle “cyber fraud and digital currency fraud”, which aims to get ahold of the currency cybercrime rate increase we have seen since the beginning of 2018.
Cryptocurrency task force details
The details of the task force were released this week via an executive order from the U.S. President and his administration who are looking for a highly efficient way to tackle the on-going severity of crypto-related crimes online.
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.
Alongside tackling crypto-crime, the President is also expected to use the cryptocurrency task force to reduce the bureaucracy and “conflicting competences” of the market. The task force is expected to establish a coordinated effort, which is the opposite of the masses of independent bodies we currently see that act on their own behalf most of the time.
Establishing the task force
The executive order called for the creation of a new task force by The Justice Department (DOJ), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB) and the daddies of them all, the Securities and Exchange Commission (SEC).
The SEC and CTFC will be placed with the task of possibly establishing a dynamic and robust effort to implement more policies and to have research in place that goes beyond purely administrative.
Trump is adamant that he wants to investigate mass fraud in the crypto industry with emphasis on some exit scams and Ponzi schemes.
At a press briefing in Washington, the Deputy Attorney General, Rod Rosenstein was quoted as saying, “Fraud committed by companies and their employees has a devastating impact on American citizens in the financial markets, the healthcare sector, and elsewhere.”
Although Trump might well be the most controversial President of our age, having the possible power to exercise a high level of influence with his cryptocurrency task force on the actions of state agencies is a contentious move.
Bloomberg made some interesting points and said that this move by Trump is not just a simple and selfless act, and that there could be more behind the move in an attempt to overhaul the CFTB, which was the crown jewel of the Democrats and maligned by the Republicans who believed the agency was a “bastion of government overreach”.
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.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.