The US Department of Justice is said to be closing down the National Cryptocurrency Enforcement Team (NCET), according to a memo reviewed by Fortune.
The memo states that the shutdown is effective right away and is being carried out in response to an executive order signed by President Donald Trump in January.
The note, dated April 8, was written by Deputy General Todd Blanche and points to a shift in approach under President Trump.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
How to Pick the Right DeFi dApp? (Dos and Don’ts Explained)
Blanche, who now holds a senior position at the DOJ, previously served as President Trump’s lawyer in several legal matters, including cases tied to classified documents and the 2020 election. In the memo, he explained:
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 NCET was launched in October 2021 while Joe Biden was in office. Deputy Attorney General Lisa Monaco said at the time that the group’s goal was to target platforms that allowed criminals to move or hide illegal funds.
She noted that the unit was created to better target the financial networks that support such activity and to stop wrongdoers from benefiting from it.
The DOJ announced that it had taken control of cryptocurrency funds it said were intended to support Hamas. How did the DOJ manage to do this? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
