Michaela
The U.S. Department of Justice (DOJ) has reportedly disbanded its National Cryptocurrency Enforcement Team (NCET), signaling a shift in the federal approach to tackling crypto-related crimes.
A journalist from Fortune reported seeing a four-page memo, allegedly authored by U.S. Deputy Attorney General Todd Blanche, which confirms the disbandment of the NCET.
“The Department of Justice is not a digital assets regulator. However, the prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution,” the official was reportedly quoted saying in the note.
The NCET was a specialized unit within the DOJ created to combat crimes involving cryptocurrency. Established in 2022, the team’s primary focus was on tackling illegal activities such as money laundering, fraud, and the illicit use of digital assets.
The NCET worked closely with other law enforcement agencies, including the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA), to address the rising threats posed by cryptocurrencies in criminal enterprises. One of its key functions was investigating criminal organizations that used digital currencies to facilitate drug trafficking, ransomware attacks, and various types of financial fraud.
The disbandment of the NCET is said to take effect immediately, aligning with efforts to implement former President Donald Trump’s executive order from late January, which redefines U.S. cryptocurrency policy.
Despite the Trump administration’s generally favorable stance on cryptocurrency, critics have raised concerns about potential conflicts of interest. They point to the President’s business dealings and ties to influential figures within the crypto industry as sources of concern.
Critics argue that these connections could lead to biased policies favoring the industry, undermining efforts to establish transparent and fair regulation. The revolving door between government positions and private-sector crypto firms has further intensified fears that the administration’s crypto policies may be shaped by personal interests rather than public good.
President Trump and his family are reportedly linked to several cryptocurrency ventures, such as World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol, the TRUMP meme coin, and a new partnership with Crypto.com to launch crypto exchange-traded funds (ETFs) under Trump Media.
Read More
- BlackRock CEO Warns of Weak Economy Amid Trump’s Tariffs and Inflation
- Trump Calls for Clear Stablecoin Regulations to Boost US Crypto
- Trump Executive Order Creates US Bitcoin Reserve & Crypto Stockpile
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
