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U.S. Justice Department Terminates Crypto Enforcement Unit, Accuses Biden-Era of Missteps
In a significant development, the U.S. Department of Justice (DoJ) has announced the dissolution of its cryptocurrency enforcement unit, citing missteps taken during the previous administration.
According to a memo issued by Todd Blanche, deputy attorney general, the Market Integrity and Major Frauds Unit will no longer prioritize cryptocurrency-related cases, opting instead to focus on more pressing issues such as immigration and procurement frauds. The National Cryptocurrency Enforcement Team (NCET) has been disbanded effective immediately.
Blanche emphasized that the DoJ is not a ‘digital assets regulator,’ and therefore, cannot be seen as responsible for regulating the crypto space. Instead, he claimed that the previous administration’s “reckless strategy of regulation by prosecution” led to this decision.
The move marks a significant shift in U.S. regulatory approach towards cryptocurrencies, which had been criticized for its aggressive stance during the Biden era. The new Trump-led SEC has already taken steps to roll back enforcement actions against major crypto firms like Coinbase, Binance, Ripple, and Consensys.
Industry players have welcomed the news, with Amand Tuminelli, chief legal officer at DeFi Education Fund, describing the decision as “good vibes.” Paul Grewal, Coinbase’s legal chief, has also hailed the move, stating that it is a clear indication that the main justice has spoken.
However, critics have accused President Trump of having a conflict of interest in the sector due to his involvement with the TRUMP memecoin and other ventures via World Liberty Financials.
Source: https://ambcrypto.com/doj-ends-crypto-enforcement-unit-cites-biden-era-missteps/
