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The rise of cryptocurrency shocked many within the world of investing and trading. The incredible sums of money Bitcoin and other currency traders earned clearly made an impression in the financial world. The “newness” of cryptocurrency doesn’t remove it from common statutes of criminal law. Those involved with cryptocurrency in all its forms must remain in compliance with all laws associated with digital currency. Persons accused of fraud, in particular, may find themselves facing serious charges.
Enter the CFTC
A lack of regulation does exist when it comes to cryptocurrency trading. This can create honest confusion in the cryptocurrency trading world. In some cases, people operating in the cryptocurrency market might be committing outright acts of fraud. To protect the public, the U.S. Commodity Futures Trading Commission (CFTC) steps in to examine instances of concern. An operator committing blatantly illegal acts, for example, could find him/herself in serious trouble. Among the most blatant examples would involve procuring money from investors for the purpose of buying Bitcoin, and then never purchasing any Bitcoin. Instead, the money finds its way into the personal account of the broker. That would be blatant fraud.
Criminal complaints aren’t the only problems that someone accused of cryptocurrency fraud may face. The CFTC could take steps to sue someone in civil court. The potential costs of such a lawsuit might reach staggering levels. The federal government certainly has enough funds to drag a lawsuit out for many years. Legal costs might pale in comparison to a punitive judgment levied against the defendant in court.
Accusations of Fraud and Guilt
Being accused of fraud doesn’t automatically mean someone is guilty. False or overzealous accusations, however, do need to be addressed in court. Generally, fraud requires someone possess clear intent to commit a crime through an overt act with an intention to deceive. A defense attorney could address fraud charges by poking holes in claims about any intents to deceive. The attorney could also devise defenses based on lack of evidence, entrapment, and more. while cryptocurrency fraud charges are serious, legitimate defenses can be mounted to refute them. This requires hiring the right lawyer to handle the defense.
Bitcoin and cryptocurrency fraud cases, however, come with complexities due to the unique nature of cryptocurrency. Hiring an attorney with experience in these cases — and experience dealing with the CFTC — should be a priority of anyone facing legal troubles.