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Trump Establishes New Task Force To Assist In Cryptocurrency Fraud Probes

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U.S. President Donald Trump has established a new "Task Force on Market Integrity and Consumer Fraud" to help regulatory agencies in their probe of financial fraud crimes in the U.S. This is seen as Trump's first direct move against digital currency frauds.

According to a Presidential Executive Order, the Task Force will assist the Department of Justice (DoJ) and Federal, State, local, and tribal agencies in the investigations and prosecution of those involved in several financial crimes, including cryptocurrency fraud and money laundering.

The task force will also recover the proceeds of such crimes and ensure effective punishment to those perpetuate fraud.

The Task Force members will be made up of Attorney's, officers or employees from various divisions of the DoJ as well as the Director of the Federal Bureau of Investigation (FBI).

The Attorney General will establish the Task Force and the Deputy Attorney General shall convene and direct the work of the Task Force in fulfilling its functions under this order.

This Task Force shall replace the Financial Fraud Enforcement Task Force created in 2009.

In April 2018, a Task Force created from member state and provincial securities regulators in the U.S. and Canada began conducting one of the largest coordinated crackdowns dubbed "Operation Cryptosweep" on fraudulent Initial Coin Offerings (ICOs), cryptocurrency-related investment products, and the people behind them.

Earlier in February, the DoJ had announced the creation of a new Cybersecurity Task Force to combat the global cyber threat and also to identify how federal law enforcement can more effective.

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