Trump to Announce Crypto Scam Crackdown as FBI Targets Fraud Networks
U.S. President Donald Trump is set to announce a federal crackdown on crypto scams as the government steps up efforts to protect American investors from online fraud. The move comes after the FBI received more than one million reports of internet scams last year.The plan targets overseas criminal networks behind fake investment platforms, online impersonation scams, and fraudulent crypto schemes.Trump Targets Overseas Crypto Scam NetworksOn October 21, 2026, the White House is expected to announce a crackdown on overseas criminal groups that target Americans through fake investment websites and apps.FBI Director Kash Patel, Attorney General Todd Blanche, Homeland Security Secretary Markwayne Mullin, and Defense Secretary Pete Hegseth are expected to attend the event.JUST IN: 🇺🇸 President Trump to announce crackdown on crypto scams targeting Americans.The crackdown aims to help authorities find and shut down crypto scam networks, including groups running so-called pig-butchering scams. In these scams, criminals build trust with victims before convincing them to invest money through fake crypto platforms.Recent enforcement operations have already shut down 241 fake websites and 112 servers linked to these scams.FBI Reports Rising Internet ScamsThe planned announcement comes as online fraud continues to cause major financial losses for Americans. The FBI received more than one million internet scam reports last year, up 17% from 2024.Crypto-related fraud remains a key concern because scammers can use fake trading platforms and digital wallets to take victims’ money. Once funds are transferred to criminal-controlled addresses, recovering them can be difficult.The new crackdown is expected to build on these efforts by targeting international networks that use social engineering and fake crypto investment platforms to deceive investors.California Tightens Rules on Official-Linked MemecoinsThe announcement follows California’s recent move to strengthen crypto investor protection. On September 27, 2026, Governor Gavin Newsom signed 11 bills aimed at fighting corruption and protecting consumers.One of them, Assembly Bill 2409, bans public officials and employees from issuing memecoins. From January 1, 2027, it will also restrict crypto platforms from offering or listing certain memecoins linked to public officials.