Key Takeaways
- • The White House is expected to announce on October 21, 2026 a federal crackdown on overseas criminal networks running fake crypto investment platforms, impersonation scams, and pig-butchering schemes targeting Americans.
- • The FBI received more than one million internet scam reports last year, up 17% from 2024, according to the agency data cited in the report.
- • Recent enforcement operations have already shut down 241 fake websites and 112 servers linked to these scams.
- • FBI Director Kash Patel, Attorney General Todd Blanche, Homeland Security Secretary Markwayne Mullin, and Defense Secretary Pete Hegseth are expected to attend the announcement.
- • California Assembly Bill 2409, signed September 27, 2026 by Governor Gavin Newsom, bans public officials and employees from issuing memecoins and restricts platforms from listing officials-linked memecoins starting January 1, 2027.
Summary
President Donald Trump is set to announce a federal crackdown on crypto scams as U.S. authorities step up efforts to protect American investors from online fraud, according to TradingView's report. The announcement, expected on October 21, 2026, follows a surge in internet fraud complaints. The FBI received more than one million internet scam reports last year, a 17% increase from 2024, and crypto-related fraud remains a central concern because scammers use fake trading platforms and digital wallets to take victims' funds, which are often difficult to recover once moved to criminal-controlled addresses.
The plan targets overseas criminal groups that build trust with victims before persuading them to invest through fraudulent crypto platforms, including so-called pig-butchering schemes, online impersonation scams, and fake investment websites and apps. Officials aim to locate and shut down these networks. Recent enforcement actions have already taken down 241 fake websites and 112 servers linked to the scams. FBI Director Kash Patel, Attorney General Todd Blanche, Homeland Security Secretary Markwayne Mullin, and Defense Secretary Pete Hegseth are expected to attend the event.
The announcement also follows a related state-level move. On September 27, 2026, California Governor Gavin Newsom signed 11 bills aimed at fighting corruption and protecting consumers. Among them, Assembly Bill 2409 prohibits public officials and employees from issuing memecoins and, beginning January 1, 2027, restricts crypto platforms from offering or listing certain memecoins linked to public officials.
The plan targets overseas criminal groups that build trust with victims before persuading them to invest through fraudulent crypto platforms, including so-called pig-butchering schemes, online impersonation scams, and fake investment websites and apps. Officials aim to locate and shut down these networks. Recent enforcement actions have already taken down 241 fake websites and 112 servers linked to the scams. FBI Director Kash Patel, Attorney General Todd Blanche, Homeland Security Secretary Markwayne Mullin, and Defense Secretary Pete Hegseth are expected to attend the event.
The announcement also follows a related state-level move. On September 27, 2026, California Governor Gavin Newsom signed 11 bills aimed at fighting corruption and protecting consumers. Among them, Assembly Bill 2409 prohibits public officials and employees from issuing memecoins and, beginning January 1, 2027, restricts crypto platforms from offering or listing certain memecoins linked to public officials.
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