Bitcoin Global News (BGN)
May 24, 2018 -- ADVFN Crypto NewsWire -- It just might finally
be true that the “Wild West” of Crypto is coming to an end.
Bloomberg, Coin Telegraph, as well as other news outlets, reported
today that the U.S. Department of Justice has officially launched an
investigation into the price manipulation of Bitcoin and
Ethereum.
Many of us might be saying that
it’s been a long time coming. It’s true that the only ones who
should be afraid are those who have been skirting the rules
including people who have been joining “Pump and Dump” groups on
Telegram and other apps like Discord.
The first outlet to break the news
about the investigation was Bloomberg, which cited four specific
critics who chose to remain nameless, though they made sure to
state that they believe that skirting the law is a normal state of
the Crypto market.
It should be made clear that the
investigation is meant to be wider reaching than simply looking
into “Pump and Dump” groups. Reports state that it will look into
just about any activities that could affect market prices, in
theory.
Prime examples of this
include spoofing or activities like
creating bots to fill the exchanges with orders that aren’t even
real. “Pump and Dump” groups may
be thought of as connected to this because of what Bloomberg’s
report says about anything that fraudulently influences market
movement being investigated.
The Justice Department is working
with the Commodity Futures Trading
Commissionon this, whom some of you already know as the
employer of Chris Giancarlo, who serves as
its chairman and doesn’t blindly stand against
Cryptocurrencies.
The two organizations will use past
examples of fraudulent activities in markets like the futures and
equities markets, in their current efforts. The only difference
will be that everything will be considered, of course, in the
decentralized and often anonymous context of the Blockchain
world.
Bloomberg even suggested that the
investigation could be wider than only Bitcoin and Ethereum and the
CFTC as well as the Department of Justice could be keeping further
details close, on purpose. All in all, it seems like concrete
regulations could finally be coming.
Still, overall, it’s logical to
wonder how much they can actually do. The CFTC reportedly cannot
yet fully regulate crypto markets but what it can do is enact
sanctions against digital currencies if it proves fraud in any way.
If you are a Crypto investor as of now, as this all moves forward,
now just might be as good a time as any to HODL.
By: BGN Editorial Staff
News:
ICO Scam
U.S. Department of
Justice
Commodity Futures Trading
Commission (CFTC)
Cryptocurrencies
Blockchain
Bitcoin
(BTC)
Ethereum
(ETH)