Crypto Crackdown Crack-Up! DOJ Does a U-Turn 🤪

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Right, so it seems the US Department of Justice (DOJ), those chaps who are supposed to be dishing out the justice like it’s going out of style, are having a bit of a rethink. They’re reportedly disbanding their National Cryptocurrency Enforcement Team. Yes, you heard right. It’s like calling off the hounds halfway through the fox hunt. 🦊

Apparently, according to a memo from one Deputy Attorney General Todd Blanche (sounds like a character from a dime novel, doesn’t he?), the focus is shifting. Forget all that fiddling about with the intricacies of crypto regulations; now it’s all about the nasty stuff – drugs cartels and terrorist groups. Because, you know, that’s where the real fun begins. 😈


Surprised Pikachu

“Department of Justice is Not a Digital Assets Regulator” (Says the Department of Justice)

So, the NCET is getting the chop. Reuters and the Associated Press (AP) are all aflutter about this memo from Deputy Attorney General Todd Blanche. He seems to think the previous administration, under that Joe Biden fella, was being a tad overzealous with this whole “regulation by prosecution” lark. A “reckless strategy,” he called it. Ouch. 🔥

In a press release – because everyone loves a good press release – the Criminal Division of the DOJ explained the NCET was cooked up back in February 2022 to sort out the criminal misuse of cryptocurrencies. A team of lawyers, all with impressive backgrounds in crypto, cybercrime, money laundering, and forfeiture, were set loose on the likes of Binance and Coinbase. Big names, indeed. 🏦

According to the AP, Deputy Attorney General Todd Blanche (yes, him again) declared in the memo:

“The Department of Justice is not a digital assets regulator.” 

Well, that’s cleared that up then. One might wonder what they were doing all this time, but let’s not dwell. This disbandment is apparently part of the current administration’s grand plan to give the crypto and digital asset industry a bit of a leg up. They’re “undoing” the previous administration’s efforts to crack down on wrongdoers. Because, you know, sometimes a little bit of wrong is just right. 😇 The Securities and Exchange Commission (SEC) are also joining in, because what’s a party without a few regulators? 🎉

A New Stance on Crypto (or Lack Thereof)

The scrapping of the NCET aligns with the current administration’s promises. They’re all about addressing illegal immigration, gangs, and drug-related crimes. Crypto? Just a tool, apparently. A shiny, digital tool that can be used for good or evil. Mostly evil, if you ask the DOJ. 😈

The current leader also promised voters that he would make the US the “crypto capital of the planet.” Which sounds less like a policy and more like something you’d hear in a particularly bad sci-fi film. 🎬

The AP reports that the Deputy Attorney General said the previous administration used the department to “pursue a reckless strategy of regulation by prosecution, which was ill conceived and poorly executed.” Harsh words, indeed. Someone’s been reading Sun Tzu. ⚔️

According to Blanche, the department will prioritize investigations on “individuals who victimize digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing.” So, basically, the usual suspects. 🕵️

Blanche reportedly said any ongoing investigation “inconsistent” with the new Administration’s policy “should be closed.” Per the Reuters report, Blanche cited one of the leader’s executive orders as the basis for the DOJ’s pivot. An executive order calls for the government to help ensure that individuals and private sector companies can access an “open blockchain network without persecution.” Which sounds lovely, in theory. Until someone starts using it to buy drugs. 🤷


Thinking meme

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2025-04-10 15:11