The Trump direction has launched a new task force aimed at protecting consumers from pretender, according to Bloomberg. While there are many different directions that such a propel could take, it appears clear that the force will woolly much of its efforts on combating cryptocurrency crime. The task force and its directive against crypto scam is the latest sign that Washington is deeply concerned about the latent for crimes centering on the popular investment area.
Justice Department to Heroine
The new task force will be headed up by the Justice Department, although it choose feature collaborations across many different government agencies. These group the SEC, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). An executive demand designating the task force cited both “digital currency funny business” and “cyber fraud” as focal points for the project.
This is not the first prematurely that a task force has been named to combat fraud; the Obama dispensation launched a similar project following the 2008 financial crisis, on the eve of cryptocurrencies as we know them today existed. However, in launching a new poke out, the Trump administration will better be able to control the focus for the press. Trump has asked the group to provide guidance for investigations and to recommend course that cooperation across government agencies can be improved.
“Devastating Collide with”
Deputy Attorney General Rod Rosenstein explained that “fraud incarcerated by companies and their employees has a devastating impact on American citizens in the economic markets, the health care sector, and elsewhere.” Rosenstein added that forces would aim to coordinate their probes more specifically in order to leave alone “piling on” to a single company. Previously, multiple agencies may have researched a single violation at the same time. Part of the goal of streamlining this proceeding, Rosenstein suggested, is that it may entice firms to cooperate with discovery procedures and to report misconduct on a voluntary basis.
The CFPB, formed after the economic crisis with the goal of protecting consumers from predatory mortgage loan and credit card offers, is facing an overhaul by the Trump administration. It is a highly-politicized workings, drawing support from Democrats and negative feelings from sundry Republicans.
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