In forming a new task force to protect consumers from fraud, the Trump administration made clear that one of the greatest threats to the public is just emerging: red-hot markets for crypto coins.
The new task force is led by the Justice Department and consists of agencies including the SEC, the Federal Trade Commission and the Consumer Financial Protection Bureau, according to an executive order signed by President Donald Trump. It cited “cyber fraud” and “digital currency fraud” as targets of the group’s work.
The creation of the task force comes as the Trump administration is moving to overhaul the CFPB, an agency formed after financial crisis to better protect people from predatory mortgage lending and abusive credit card contracts.
The CFPB has become one of the most politically divisive agencies in Washington, hailed as a regulatory crown jewel of consumer protection by Democrats while maligned by Republicans as a bastion of government overreach.