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The DOJ disbands its National Cryptocurrency Enforcement Team, shifting focus to illicit activities involving digital assets, as per new guidance from the Blanche Memo. (Read More)
<p class="text-align-justify">The United States Justice Department (DOJ) on Friday announced that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) Network. </p><p>The DAC Network was created to boost the federal executive department’s efforts to “combat the growing threat posed by the illicit use of digital assets to the American public,” it explained.</p><p>The network comprises over 150 designated federal prosecutors selected from US Attorneys’ Offices across the country and the justice department’s litigating components, DOJ explained <a href="https://www.justice.gov/opa/pr/justice-department-announces-report-digital-assets-and-launches-nationwide-network">in a statement</a>.</p><p>“Each DAC will act as their office’s subject-matter expert on digital assets, serving as a first-line source of information and guidance about legal and technical matters related to these technologies,” the executive department noted.</p><p>DOJ said it launched the DAC Network in response to the March 9 <a href="https://www.financemagnates.com/cryptocurrency/unpacking-president-bidens-crypto-executive-order/">Executive Order issued</a> by President Joe Biden, calling for responsible development of digital assets.</p><p>It added that the network is being led by, among others, its National Cryptocurrency Enforcement Team (NCET) which <a href="https://www.financemagnates.com/cryptocurrency/news/us-justice-department-announces-national-cryptocurrency-enforcement-team/">was created</a> in October last year to tackle cryptocurrency crimes.</p><p>The Justice Department explained that the DAC Network “will serve as the department’s primary forum for prosecutors to obtain and disseminate specialized training, technical expertise, and guidance about the investigation and prosecution of digital asset crimes.”</p><p>It further noted that the Network will also serve “as a source of information and discussion addressing new digital asset issues, such as DeFi, smart contracts, and token-based platforms, and their use in criminal activity.”</p><p>Eun Young Choi, the Director of the NCET, chaired the network’s first meeting on September 8, <a href="https://www.financemagnates.com/tag/department-of-justice/" target="_blank">the executive department</a> added. </p><p>“The efforts announced today reflect the commitment of the Justice Department and our law enforcement and regulatory partners to advancing the responsible development of digital assets, protecting the public from criminal actors in this ecosystem, and meeting the unique challenges these technologies pose,” explained Attorney General Merrick B. Garland.</p><p>DOJ's Report on Digital Assets</p><p>In addition to the formation of the DAC Network, the Justice Department on Friday also launched <a href="https://www.justice.gov/ag/page/file/1535236/download">a report</a> on digital assets in response to the executive order. </p><p>The report is titled, "The Role Of Law Enforcement In Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets."</p><p>DOJ said the report was prepared in partnership with multiple federal agencies such as the Department of Treasury, the Department of Homeland Security, and the Department of States.</p><p>It added that this is in line with the executive order’s call for inter-agency harmonization of efforts in crypto regulation efforts. </p><p>In the report, the Justice Department called for virtual asset service providers to be subjected to provisions that prevent the employees of financial organizations from tipping off suspects in ongoing investigations.</p><p>The DOJ also called for the strengthening of the laws that criminalize the operation of unlicensed money transfer businesses in the country.</p><p>Furthermore, the department sought for the extension of the statute of limitations of certain laws to account for the complexities of digital assets investigations.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
The main purpose of NCET is to address the rapidly growing crime around digital assets and distributed ledger technologies.
The US DOJ has unveiled establishing a National Cryptocurrency Enforcement Team (NCET), a law enforcement task force fighting crypto crime. (Read More)
The case of Stacks (STX) and their long road to being listed on U.S.-based exchanges is an interesting one. Stacks took every precaution to ensure they complied with the SEC to mitigate issues, yet it had the opposite effect. Stacks was the first cryptocurrency to receive SEC qualification for a sale in the United States. However, […]
The post Coinbase Announces Custody for Stacks (STX): Why it’s a Big Deal appeared first on CryptosRus.
Eun Young Choi, the first director of the National Cryptocurrency Enforcement Team (NCET), has told reporters that crypto-related crimes have risen significantly in recent years. Through her team, the United States Department of Justice (DoJ) now plans to go after rogue exchanges that knowingly allow criminals to launder money. NCET Wants Exchanges To Be Compliant [...]
The post US DoJ Goes After Rogue Exchanges As Crypto Crimes Grow ‘Significantly’ appeared first on Crypto Breaking News.
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