The US Department of Justice announced the liquidation of the National Cryptocurrency Enforcement Team, which was created in 2022 under the presidency of Joe Biden. About this informs CNBC.
The decision is part of broader changes initiated by Donald Trump’s administration, which advocates loosening government controls on the crypto market. In the future, investigations of cases related to digital assets will take place without the involvement of a specialized unit. District offices of federal prosecutors will be primarily responsible for them.
Priority will be given to cases related to terrorist activities, human trafficking, organized criminal groups, cybercrime and drug cartel financing. Special attention will be paid to cases of the use of cryptocurrencies to commit serious crimes and fraud by investors.
In a memorandum from Deputy Attorney General Todd Blanche, prosecutors were instructed to drop investigations that did not meet the new criteria. The Department of Justice will no longer hold exchanges, wallets, and other services accountable for the actions of their users or inadvertent violations. Convictions for financial crimes are possible only if the intentional violation of the law is proven.
These changes reflect the Trump administration’s new policy of supporting open access to blockchain networks and reducing regulatory pressure on the cryptocurrency industry. Donald Trump, together with members of his family, actively invest in crypto projects, in particular in World Liberty Financial — a digital bank that has already sold tokens worth $550 million.
Despite the trend towards deregulation, the crypto market is in a slump, with the value of Bitcoin down nearly 30% from its all-time high and the total market capitalization falling by more than $1.2 trillion.
