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The United States Department of Justice (DOJ) has announced the disbandment of its specialized crypto enforcement unit, the National Cryptocurrency Enforcement Team (NCET). This decision marks a significant shift in the government’s approach to regulating the cryptocurrency industry.
In a memo released on Tuesday, Deputy Attorney General Todd Blanche stated that the DOJ will no longer use criminal prosecution as a means to regulate digital assets. Instead, the agency will focus its efforts on prosecuting individuals who engage in illegal activities involving cryptocurrencies.
As of Monday night, the directive took effect immediately. The move is seen as a major win for the cryptocurrency industry, as it effectively ends the “regulation by prosecution” strategy that has been criticized by many in the space.
The NCET had previously been involved in several high-profile cases, including the prosecution of Tornado Cash, an Ethereum-based mixing service, and the Samourai Wallet, a privacy-focused Bitcoin wallet accused of enabling unlicensed money transmission.
According to sources close to the matter, this decision marks the end of an era for the DOJ’s approach to cryptocurrency enforcement. The move is expected to have significant implications for the industry as a whole.
The memo issued by Blanche further explained that ongoing investigations will be closed if they do not align with the new policy.
Source: https://cryptopotato.com/us-doj-disbands-crypto-enforcement-unit/
