The US Department of Justice has disbanded its unit focused on prosecuting cryptocurrency scams. Deputy Attorney General Todd Blanche announced the end of the National Cryptocurrency Enforcement Team in a memo sent on Monday, Reuters reported.
When the NCET launched, its focus was prosecuting cryptocurrency used in money laundering, fraud and theft. In recent years, the Department of Justice secured several high-profile wins in cases involving Binance, Tornado Cash and Bitfinex. However, the dissolution of NCET marks the latest government move to implement the current administration’s crypto-friendly attitude.
Shortly after taking office, President Donald Trump signed an executive order aimed at encouraging the creation of blockchain networks. Blanche cited this as his rationale, and ordered the department’s cryptocurrency efforts to focus on “individuals who victimize digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing.” Any investigations that run counter to this agenda “should be closed.”
The US Securities and Exchange Commission has also been walking back its regulation of cryptocurrency, such as ending an enforcement case against Coinbase. However, cryptocurrency remains a risky endeavor, with theft still rampant at the individual and national levels. Additionally, the Trump family already has a vested interest in encouraging crypto operations, claiming a majority of revenue from World Liberty Financial’s token sales.
This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/doj-to-disband-its-cryptocurrency-enforcement-unit-200347077.html?src=rss
