The US Department of Justice has announced the disbandment of the National Cryptocurrency Enforcement Team. This move was commented on by Deputy Attorney General Todd Blanche.
Reasons for NCET Disbandment
According to Todd Blanche, the DOJ is not a digital asset regulator. In his memo, he stated:
> "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."
Establishment and Activities of NCET
The National Cryptocurrency Enforcement Team was established in October 2021 under President Joe Biden. The team was intended to combat platforms assisting criminals in money laundering. Deputy Attorney General Lisa Monaco emphasized the goal of enhancing the ability to dismantle the financial ecosystem that allows criminal actors to thrive.
Political Aspects of US Crypto Policy Changes
With Donald Trump's return to office, his crypto policy professed the creation of a strategic Bitcoin reserve. However, some critics have expressed concern about potential conflicts of interest arising from his cryptocurrency ventures.
The disbandment of the National Cryptocurrency Enforcement Team raises questions about the current state of US crypto policy and the prospects for regulating cryptocurrency services in the future.
