The President of the United States, Donald Trump, signed an executive order to create an operating force focused on establishing standards and advising on financial fraud including cryptocurrencies.
The Task Force for Market Integrity and Consumer Fraud has to monitor fraudulent operations with digital currencies, but also to provide advice to resolve cases that incur illegal financial activities.
As indicated in the executive order, this working group will include attorneys general for the criminal, civil and tax areas, as well as the director of the Federal Bureau of Investigation (FBI), as well as other designated prosecutors and officers or employees of the Department of Justice.
[the task forces] provide guidance for the investigation and prosecution of cases involving fraud on the government, the financial markets, and consumers, including cyber-fraud and other fraud targeting the elderly, service members and veterans, and other members of the public; procurement and grant fraud; securities and commodities fraud, as well as other corporate fraud, with particular attention to fraud affecting the general public; digital currency fraud; money laundering, including the recovery of proceeds; health care fraud; tax fraud; and other financial crimes;
According to the release, this group should give recommendations to the Department of Justice about initiatives to combat fraud on any issue that the force considers important to take into account in the investigation. For example, they can counsel the President through the Attorney General to:
(i) action to enhance cooperation among agencies in the investigation and prosecution of fraud and other financial crimes;
(ii) action to enhance cooperation among Federal, State, local, and tribal authorities in connection with the detection, investigation, and prosecution of fraud and other financial crimes;
(iii) changes in rules, regulations, or policy, or recommendations to the Congress regarding legislative measures, to improve the effective investigation and prosecution of fraud and other financial crimes.
The task force will hold regular meetings where different officers and agencies should be invited. The White House mentioned on the list the Secretary of State, Ministry of Defense and the Secretary of Treasury.
The regulatory initiatives proposed by the head of state have been very rare, although the United States has undoubtedly seen government institutions at all levels take various measures on fraud; one of the most active being, the Securities and Exchange Commission (SEC).
Furthermore, the US Department of Justice initiated an investigation to detect the possible manipulation of prices in the markets of cryptocurrencies and cryptocurrency exchanges.