Crypto: The DoJ steps up its fight against criminals

Aware of the stakes of cryptocurrencies in the global financial system, the American government has chosen the regulation of these assets rather than repression. Ministries, government agencies and various firms have been asked by Joe Biden to develop an appropriate regulatory mechanism. The US Department of Justice has already begun to work in this direction. Recently, he gave an update regarding his fight against criminal activities related to cryptos.

Birth of the Digital Asset Coordinator Network

The DOJ has set up the Digital Asset Coordinator Network, led by its National #Cryptocurrency Enforcement Team, to better combat criminal uses of #crypto. #cryptocurrencies #bitcoin »

In order to comply with the Presidential Executive Order dated March 9, the DoJ announcedlast Friday, important measures concerning cryptocurrencies. The decree in question relates to the “ development of digital assets, on the role of law enforcement in detecting, investigating and prosecuting criminal activities related to digital assets [1]and the creation of the national network of digital asset coordinators (DAC) “. the President Joe Bidensignatory of this administrative act, urged the actors concerned such as ministries and government agencies to work together to assess the risks and opportunities related to cryptocurrencies.

Six key priorities were identified in this decree, namely:

  • consumer and investor protection;
  • financial stability;
  • illicit financing;
  • the foundation of American leadership in the global financial system;
  • financial inclusion;
  • and responsible innovation.

Being concerned by these guidelines, the United States Department of Justice has decided to setting up the Digital Asset Coordinator (DAC) network. 150 federal prosecutors nominated by the United States Attorney’s Offices and the DoJ’s litigation services recently joined this forum intended to:

  • provide specialized training to its members;
  • carry out technical expertise;
  • advising on the investigation and prosecution of crimes related to digital assets.

It should be noted that it is the National Cryptocurrency Enforcement Team (NCET) of the DoJ which will take care of the management of this network of prosecutors.

What about past achievements of the DoJ?

The establishment of the National Cryptocurrency Enforcement Team by the DoJ dates back to October 2021. This objective aims to “ tackle complex investigations and prosecutions of criminal uses of cryptocurrencies, in particular crimes committed by digital currency exchanges, mixing and tumbling services, and actors in the money laundering system. »

He returns NCET to lead the new DAC network, to coordinate information sharing and discussion activities on emerging issues concerning digital assets. Smart contracts, DeFi and token-based platforms linked to criminal activities will be scrutinized by its members.

In addition, the United States Department of Justice announced theopening of investigations RELATED 0 six charges of cryptocurrency-related offences. It was in June.

In the dock were the following persons:

  • Le Anh Tuan: international electronic fraud and money laundering;
  • Emerson Pires, Joshua David Nicholas and Flavio Goncalves: conspiracy for wire fraud and securities fraud;
  • Michael Alan Stollery, CEO of Titanium Blockchain Infrastructure Services (TBIS): securities fraud;
  • and David Saffron, owner of Circle Society: soliciting investors to participate in an unregistered commodity pool.

On occasion, US Attorney Tracy L. Wilkinson cautioned:

These cases are a crucial reminder that some scammers hide behind buzzwords, but in the end, they’re just trying to separate people from their money. […] We will continue to work with our law enforcement partners to educate and protect potential investors on traditional and trendy investments. »

Can the DoJ eradicate crypto-related crimes?

Only 3 months after the executive order was signed, the US Department of Justice was able to build records of violations against crypto investors. Fishing has been good for this department. After the establishment of its network of 150 prosecutors, criminals will have very little leeway. Especially if DAC members start expanding the list of illicit uses of cryptocurrencies.

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