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Crypto News Today: Justice Department Disbands Crypto Enforcement Unit Amid Shift in Regulatory Focus
The United States Department of Justice (DOJ) has announced the disbanding of its National Cryptocurrency Enforcement Team, a move that is sparking concerns about the potential impact on crypto regulation and enforcement. The decision comes as part of a broader shift in focus from criminal prosecution to cooperation with financial regulators.
According to reports, the unit was established in 2018 to specifically target cryptocurrency-related crimes such as money laundering, fraud, and other illicit activities. However, it appears that the DOJ has decided to reorganize its efforts, shifting the focus away from direct enforcement and towards coordination with other agencies responsible for regulating financial institutions.
In a statement, the Justice Department emphasized that this change does not mean a lack of interest in cryptocurrency-related crimes, but rather a recognition of the need for greater cooperation between law enforcement agencies. The DOJ has made it clear that it will continue to target fraud, scams, and other illegal activities involving cryptocurrencies, as well as provide guidance and coordination to other agencies.
Critics argue that this move could create an oversight loophole, allowing foreign adversaries to exploit the situation by using cryptocurrencies to launder money or evade sanctions. Hudson Institute’s Nate Sibley noted that “It’s hard to see how that aligns with cracking down on cartel cash or sanction enforcement.”
On the other hand, proponents of the shift argue that it is essential for fostering a more vibrant and inclusive digital economy. The move could also simplify the regulatory landscape by allowing financial institutions to work together more seamlessly.
The Department of Justice has warned the industry not to view this policy change as an open season for cryptocurrency-related crimes, stressing its commitment to addressing fraud and other illegal activities involving cryptocurrencies.
This development marks a significant moment in US crypto policy.
Source: https://bravenewcoin.com/insights/crypto-news-today-justice-department-disbands-crypto-enforcement-unit-amid-shift-in-regulatory-focus
