President of the United States of America, Donald Trump, is alleged to have established an executive order with the US Department of Justice (DOJ) to ensure that cryptocurrency related crime falls as part of a special consumer protection entity within the DOJ.
Within this, the DOJ will be focusing all efforts on investigating allegations of fraud and crime within crypto related activities. According to Cryptovest, the US Deputy Attorney General, Rod Rosenstein has said:
“We expect to focus on cases involving fraud against the government, the financial markets, and consumers; procurement and grant fraud; securities and commodities fraud; digital currency fraud; money laundering; health care fraud; tax fraud; and other financial crimes.”
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The focus of this arm of the DOJ will be to investigate cryptocurrencies to provide recommendations to Trump with according to future legislation that could be put in place to ensure that instances of crime and fraud within cryptocurrencies are reduced.
Given the authoritarian approach of Trump and comments from authorities at the end of last year 2017, we had expected Trump to come down hard on cryptocurrencies sooner rather than later, even so through with this move, it seems as if Trump is still open to the idea of crypto, whilst he wants to ensure crime is reduced, he seems to want to allow cryptocurrency to remain a legal asset in the United States, for now at least.
We can’t guess what will happen next once the UOJ get into the swing of things. We do expect some recommendations to be delivered to the White House very soon and as a result of this move, we could see some legislation written in the coming months. Above all though, the United States still seem open to the idea of cryptocurrencies and thus, we can’t see any bans being implemented just yet.