Trump Establishes Executive Order For Protection From Bitcoin
President of the United States, Donald Trump has allegedly established an executive order with the US Department of Justice(DOJ) to protect consumers from cryptocurrency related crimes. This order is to ensure that these crimes fall under special consumer protection entity under the Department of Justice.
Because of this, the DOJ will be further investigating allegations of fraudulent and criminal activity in the cryptocurrency industry. The US Deputy Attorney General, Rod Rosenstein said,
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 Deputy General also explained that rather than just solving the existing crimes, they plan on creating a system to reduce criminal activity in the cryptocurrency sector. This sub division of the DOJ will focus on investigating cryptocurrencies and giving the Trump Administration suggestions on legislation to ensure that these fraudulent activities are reduced.
It is not surprising that Trump made this move as earlier this year the government had indicated that it was working towards a ‘comprehensive’ strategy for the cryptocurrency, especially with a focus on market fraud. In February, the government also established a cybersecurity task force that included cryptocurrencies as well.
This new structure and order was revealed by Rosenstein at a press conference in Washington. The Securities and Exchange Commission (SEC) Chairman, Jay Clayton, the Federal Trade Commission Head Joseph Simons and the Acting Director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney were also present at the conference. During the conference, Clayton also spoke about the SEC’s regulatory policy towards cryptocurrencies and Initial Coin Offerings (ICOs) and made the following statement regarding the punishment of wrongdoing.
Punishing wrongdoing is important but it is no more important than getting victims their money back.
So far, it seems like Trump is still open to the idea of cryptocurrencies, however, wants to intensify the investigation of fraud and criminal activity in the realm of digital currency.
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