Trump Set to Announce Formal Crackdown on Overseas Crypto Scams Targeting Americans

President Trump is preparing to announce a crackdown initiative targeting overseas cryptocurrency scams aimed at American citizens. The move builds on existing administration efforts, including Executive Order 14390 signed on March 6, 2026, which directed the full weight of the U.S. government against foreign-backed criminal networks engaged in cybercrime, cyber-enabled fraud, and predatory schemes against Americans.

The announcement follows related actions already underway, including Treasury Department sanctions against overseas scam operations and the dismantling of networks such as the Huione Group, which Secretary Scott Bessent described as a critical node for laundering proceeds from cryptocurrency investment scams. Scam centers, particularly in Southeast Asia, have been identified as stealing billions of dollars from American victims each year.

The crackdown is expected to deter fraud, improve digital asset security, and restore confidence in the cryptocurrency market among U.S. investors. It also connects to a broader administration anti-fraud push led by Vice President JD Vance through the White House Task Force to Eliminate Fraud.