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Trump Crypto Fraud Task Force

Trump crypto fraud task force: Earlier this year, the United States government revealed that it was looking at cryptocurrencies, with a particular focus on market fraud, and that it was developing a “comprehensive” strategy around virtual currencies.

Now in the second half of the year, the US government is diving even further into the crypto industry. On Wednesday, July 11th, President Donald Trump signed an executive order, giving officials the final go-ahead they needed to create a consumer fraud task force.

Further, alongside targeting other areas, the new Trump task force will cast a net of focus on “digital currency fraud.”

Trump Crypto Fraud Task Force: About Time

It’s been a long time coming. It seems that, at least lately, there is a new incident of crypto fraud every other week. Either that or a crypto exchange gets hacked, which is a rapidly growing problem.

Assisting the Department of Justice, as well as State, Federal, and local agencies, the new Trump crypto fraud task force will conduct several jobs.

Primarily, however, the Trump task force will investigate and prosecute those involved in financial crimes, which includes crypto fraud, and, of course, because it is a popular way to conduct illegal activity in the industry, crypto money laundering.

In addition to providing “guidance,” the executive order stated that the Trump task force will work toward recovering the proceeds of consumer fraud and crypto fraud.

Who’s a Part of the Trump Crypto Fraud Task Force?

Members of the new Trump task force include the following:

  • Attorneys from the Department of Justice
  • Officers from the Department of Justice
  • Employees from the Department of Justice
  • The FBI

Trump Will Benefit

The Trump crypto fraud task force is a good thing, as the problem is worsening. That said, it’s a decent bet Trump knew what he was doing when he signed the executive order. After all, many see this as the president’s first move against crypto fraud; and this move will reside with many in positive ways.

Next, Crypto Regulation!

If the government can oust crypto criminals, removing all signs of crypto fraud and money laundering from the sector, many may change their views on the crypto industry. But, even if they are ousted, a lack of crypto regulation remains.

It would be nice if we could rid all three of these crypto problems, but that will take some time. At least, however, Trump has made a move against cryptocurrency fraud.

The Takeaway

What do you think about the US government aiding crypto crime investigations? Will this solve problems, or create problems?

>> TexX’s Julian Hosp is Bullish about BTC, Predicting a $60K Height in 2018

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Crypto Second Half of 2018

Crypto Second Half of 2018: Investors were not pleased with the first half of 2018. While some focused on the S&P 500 (it’s up 1% YTD, instead of the usual 3.5%), others focused on cryptocurrencies.

In particular, investors watched Bitcoin, which notched up a 16- fold increase in 2017, only to drop by 55% between the start of 2018 and June 27th. 

Now, as of July 1, we are in the second half of 2018. Which means if things are going to change, now is the time to get going. But what if things change for the worse? Some speculate this might happen in the cryptocurrency industry. 

Crypto Second Half of 2018: Placing Bets 

A number of predictions have been made for crypto in the second half of 2018. From more regulation to more comments from Wall Street veterans, there is a lot of stuff up in the air about crypto Q2 2018. 

In this article, we’ll look at 3 specific crypto second half of 2018 predictions.

1: More Crypto Regulation 

Crypto regulation has been discussed on multiple occasions, and even though progress has been made, more needs to be done.

As a result, we should expect to see the Department of Justice (DOJ) increase its crackdown on illegal activity. 

2: More Guidance from the SEC

Moreover, the SEC is expected to provide more guidance on initial coin offerings (ICOs). This is important, as ICOs continue to garner more mainstream attention.

The reason we need more information is that many remain unclear about ICOs. Are they revolutionary, like some have said? Or, are they just another Ponzi Scheme, which has also been claimed? 

Others expect the SEC to answer the burning question of whether all ICOs are classified as securities in the second half of the year. If the SEC makes this announcement, we should expect to see fundraising slow down considerably.

>> Difference Between an ICO and a Cryptocurrency  

3: More Adoption on Wall Street 

In order for there to be wider Wall Street adoption of cryptocurrencies, the first two predictions on this list need to come true.

Large financial institutions will continue to stay away from cryptocurrencies and ICOs until the SEC clearly communicates its rulings on digital currencies. 

Take the example of Coinbase and Ripple (XRP). Sure, it makes sense for Ripple (XRP) to be listed on Coinbase, but the crypto startup has said publicly that it will never list XRP until the SEC has made its decision on the virtual currency. 

Additionally, regulators need to show that they can remove the criminal activity from the crypto industry. If these requirements are met, more traditional financial firms will enter the crypto space. 

>> Financial Institutions Already Involved in Crypto

Crypto Second Half of 2018: The Takeaway

Continued market volatility is also expected for the crypto industry, but this seems like a given. After all, even the most successful of stocks experience volatility from time to time. 

Do you have any more predictions for crypto? We’d love to hear them! Let us know in the comments below. 

Featured Image: Depositphotos/Konstantinp

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