US DOJ Efforts To Suppress Crypto Crimes

The United States Justice Department (DOJ) has released yet another study on crypto crime, this time with precise proposals for law reform; it has also developed a network of specialists to advise offices.

The report focuses on the importance of coordinated government response in combating crypto crime and crypto-related national security risks. In addition, the DOJ announced the establishment of the Digital Asset Coordinator (DAC) Network.

Attorney General Merrick B. Garland said in the report:

“As digital assets play a growing role in our global financial system, we must work in tandem with departments and agencies across government to prevent and disrupt the exploitation of these technologies to facilitate crime and undermine our national security.”

The new report defines digital asset criminal exploitation, with a focus on nonfungible tokens (NFTs) and decentralized finance (DeFi), and then examines the actions of several government ministries and organizations to combat digital asset crime. It suggests a number of strategies to improve law enforcement activities.

The report also includes modifications to evidence retention and provision, as well as stronger sanctions and other legal adjustments, including to the Bank Secrecy Act. It also suggests proper support for its activities, such as job incentives and changes in recruiting policies.

The name “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” is part of a larger effort authorized by the White House to address six digital asset priorities: investor protection, unlawful financing, financial stability, how the United States will preserve financial stability in the process, financial inclusion, and responsible innovation.

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