Crypto Bad Guys Vs. 150 US Attorneys – Who Wins?
The crypto landscape is heating up as the US Department of Justice steps up efforts to counter the risks posed to the American people by the illegal exploitation of digital assets.
On Friday, the Ministry of Justice’s Criminal Division announced the launch of its nationwide Digital Asset Coordinator (DAC) network.
More than 150 federal prosecutors have been tapped to work within the network, representing U.S. attorneys’ offices and other Justice Department cases.
The Ministry of Justice’s National Cryptocurrency Enforcement Team (NCET) will lead the initiative. The aim is to prevent crimes committed using crypto-related methods.
A response to an ever-evolving threat
It is expected that the DAC network will serve as the principal DOJ platform for the acquisition and dissemination of technical expertise, specialized training, and advice in the investigation and prosecution of offenses involving digital assets.
According to Assistant Attorney General Kenneth A. Polite Jr., digital asset innovations have provided a new playground for criminals who “leverage innovation to advance major criminal and national security threats domestically and globally.”
To combat crimes involving money laundering, virtual currency exchange, and mixing and tumbling services involving cryptocurrency, the DOJ formed the National Cryptocurrency Enforcement Team last October.
Image: American Bar Association
Existing laws vs. New breed of cryptocriminals
At such an early stage, members of the newly formed DAC network will have their hands full learning how to apply existing laws and authorities to digital assets, a topic that continues to be a source of aggravation for justice departments in other countries.
They must also develop strategies to investigate crimes involving digital assets, including the creation of legally sound search and seizure warrants, restraining orders, indictments and injunctions.
Decentralized finance (DeFi), smart contracts, token platforms and their possible illegal use are just some of the topics that the DAC network wants to address.
“For too long, businesses have been silent under the false idea that hiding a data breach is less dangerous than coming forward and reporting it. This is no longer the case,” Deputy US Attorney Lisa Monaco said in October.
In the same month, US President Joe Biden announced that the US would convene 30 nations to fight cybercrime, including “illegal use of cryptocurrencies.”
Meanwhile, 150 US prosecutors may not be many, as cryptocriminals are also growing in numbers around the world. The matchup should draw parallels from the battle between David and Goliath as depicted in the Bible.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com Featured image from Business Insider, Chart: TradingView.com
