The U.S. Securities and Exchange Commission (SEC) has announced the formation of a task force dedicated to policing fraud targeting American investors.
In a new statement, the SEC says its new Cross-Border Task Force will initially focus on investigating potential securities law violations related to foreign companies, including market manipulation schemes like pump and dumps.
[adinserter block="1"]Says SEC Chair Paul S. Atkins,
“We welcome companies from around the world seeking access to the U.S. capital markets. But we will not tolerate bad actors – whether companies, intermediaries, gatekeepers or exploitative traders – that attempt to use international borders to frustrate and avoid U.S. investor protections. This new task force will consolidate SEC investigative efforts and allow the SEC to use every available tool to combat transnational fraud.”
The SEC has not revealed any specific investigations as yet.
During a speech discussing the SEC’s Project Crypto, an initiative to help with President Donald Trump’s goal of making America the crypto capital of the world, Atkins said the securities regulator will eventually bring reforms to the digital assets market.
“We will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status are over. President Trump has said that America is in its Golden Age—and under our new agenda, our crypto asset economy will be, too…
For too long, the SEC ignored market demands for choice and disincentivized crypto-based capital raising. As a result, crypto markets pivoted away from offering crypto assets and deprived investors of the opportunity to use this technology to contribute to productive economic enterprises.”
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