According to the chair, the joint SEC-CFTC ‘Project Crypto’ will provide a regulatory bridge with token taxonomy while legislation is pending.
The regulator said the magnitude of data gaps in the firm’s surveillance was so large that it missed billions of orders.
The regulators say the violations impeded their ability to conduct investigations.
Regulator says it is the largest fraudulent scheme involving the cryptocurrency in any CFTC case.
The owners of EmpowerCoin, ECoinPlus and Jet-Coin face charges of wire fraud, money laundering and obstruction of justice, among others.
Combating threat will require public and private investments ‘in the trillions of dollars.’
