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A Task Force Constituted to Investigate the Cryptocurrency Fraud

Jake Hill
Jake Hill

Cryptocurrency frauds are getting more and more sensational. As a result, President Donald Trump recently constituted a task force to investigate the cryptocurrency frauds. It remains to be seen whether the task force is able to effectively unearth any of the scams and bring the culprits to justice or not.

President Donald Trump signed an executive order for the same. The aim of the task force is to prosecute the culprits behind the scam. Also, it will have investigative power as well. The task force will be able to investigate as well as prosecute the individuals who are committing the cryptocurrency scams against the American citizen’s as well as the government of United States. That is why the powers of the task force are pretty significant as well.

The task force also includes an FBI director as well as deputy attorney general. This clearly indicates that the president is really serious about the constitution of such a task force and stopping the cryptocurrency related crimes as well.

The main benefit which the consumers will be able to get from this executive order is that ICO’s, as well as giveaways and other cryptocurrency related events, will be more closely monitored. This will ensure that the instances of any kind of crime committed during these events will be limited as well. Moreover, it will not be easier for the companies to simply swindle away the money which they have raised from the investors as well. This will ensure that there will be more credibility and more transparency in the cryptocurrency market. Moreover, companies will have to provide more information to the cryptocurrency investors as well if they want to raise money. This will again ensure that investors are able to make a more informed decision when it comes to investing in cryptocurrencies.

According to White House Chief Strategist, Steve Bannon, the stance of Donald Trump with respect to cryptocurrencies is not entirely clear. That is why the cryptocurrency investors are actually confused as to whether this is a move to bring in more transparency or whether this is a mood to regulate the cryptocurrencies. It remains to be seen how the task force is perceiving the threats in the cryptocurrency world. If indeed, the individual investors benefit, it will be perceived as a huge plus by most of the cryptocurrency investors. Only time will tell whether this task force is actually effective or not.

cryptoUS

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com