SEC Establishes Special Task Force to Combat Cross-Border Transaction Fraud

BlockBeats News, September 7th, according to an official announcement, the U.S. Securities and Exchange Commission (SEC) has announced the establishment of a Cross-Border Task Force to combat cross-border transaction fraud that harms U.S. investors. The initial focus of the Cross-Border Task Force is to investigate potential violations of U.S. federal securities laws related to foreign companies, including potential market manipulation such as "pump and dump" schemes. The Task Force will also focus on "gatekeepers," particularly auditors and underwriters who help these companies access the U.S. capital markets. Additionally, the Task Force will examine potential securities law violations related to foreign jurisdiction companies.

SEC Chair Paul Atkins stated, "We welcome companies from around the world to access the U.S. capital markets, but we will not tolerate any bad actors attempting to use international borders to obstruct and circumvent U.S. investor protections, whether they are companies or intermediaries. The new Task Force will strengthen the SEC's investigative efforts and empower the SEC to use all available tools to combat cross-border fraud."