The US Justice Department shut down its unit responsible for investigating crypto frauds, with immediate effect. Even when the Trump administration is ramping up to embrace the emerging market of digital currency. A memo by the Deputy Attorney General, Todd Blanche confirmed the same.
On Monday, he broke the news. The National Cryptocurrency Enforcement Team would be dissolved. He further ordered prosecutors to investigate transnational criminal organizations and terrorist groups that deal in crypto and conduct illicit transactions.
What’s The Trump Government Planning?
The Trump administration has made a dire attempt to reduce resources engaged in handling white collar crimes and finance-related crimes. Meanwhile, we want to allocate more resources to fight the difficult drug traffickers and human immigrant smugglers.
What Does the 4-Page Memo List?
Blanche commented that the new order would bring the Justice Dept in line with Executive Order 14178 by the president. The order demands more clarity and certainty regarding the enforcement policy. According to Trump, it is vital to support an emerging digital economy and implement more innovations in the sphere of digital assets.
Blanche had to say:
“The Justice Dept. is not a digital assets Regulator.”, which is true. He further added that the Justice Department is in pursuit of a reckless persecution plan, which was not directed in the right way!”
At the same time, public corruption and global crime experts are expressing other concerns. They feel that shutting down this unit can lead to diversion of prime resources, trying to stop criminals from using crypto for illicit gains. On one hand, Trump is trying to crack down on crypto crimes. On the other hand, he is desperate to reallocate resources.
Nate Sibley, the anti-corruption expert, further said that crucial US adversaries depend on crypto for money laundering!
