DoJ Disbands Cryptocurrency Enforcement Team

The United States Department of Justice (DoJ) has officially dissolved the National Cryptocurrency Enforcement Team (NCET), a move that has sparked controversy and debate. According to a memo obtained by Fortune, Deputy Attorney General Todd Blanche announced the team's termination, criticizing the Biden administration's approach to cryptocurrency regulation.

Controversy Over Crypto Regulation

Blanche's memo accused the administration of employing a "reckless strategy of regulation by prosecution," suggesting that the DoJ, including the NCET, was being used inappropriately. He emphasized that the department's focus should be on protecting digital asset investors by prosecuting those who commit crimes against them, rather than acting as a regulatory body for digital assets.

The NCET, established in 2022, was tasked with investigating criminal activities involving cryptocurrencies and digital assets, drawing attorneys from various divisions within the DoJ. Its dissolution marks a significant shift in the government's stance on cryptocurrency enforcement.