ANALYSIS: DOJ’s New Crypto Team Will Build on Past Joint Actions

The new National Cryptocurrency Enforcement Team (NCET) that the Department of Justice is forming will focus on investigating and prosecuting criminal misuse of cryptocurrency, but DOJ’s history of working with federal regulatory agencies on high-profile civil enforcement actions shows that crypto businesses willfully violating regulatory requirements should be wary of the NCET as well.

In announcing the creation of the NCET, the DOJ said the team will “tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.” Under Assistant Attorney General for the Criminal ...