DOJ Creates Unit of Federal Prosecutors to Combat Crypto Crime
The Department of Justice (DOJ) of the United States has established a unit of federal prosecutors whose goal is to combat cryptocurrency-related crimes.
The U.S. DOJ has established a group of federal prosecutors which it calls the “Digital Asset Coordinator (DAC) Network” consisting of over 150 prosecutors whose goal is to “combat the growing threat posed by the illicit use of digital assets to the American public.” The department announced on Friday that its Criminal Division had created the nationwide DAC Network. The DOJ said:
Led by the department’s National Cryptocurrency Enforcement Team (NCET), the DAC Network comprises over 150 designated federal prosecutors from U.S. attorneys’ offices and across the department’s litigating components.
The DOJ revealed in an interview with the Wall Street Journal earlier this year that its main aim goal for establishing this unit is to limit the use of cryptocurrencies in crimes such as terrorism financing and money laundering. The department added that the Network will serve as the main forum for prosecutors to gain specialized training, technical expertise, and guidance regarding the investigation and prosecution of crimes related to digital assets. Members of the DAC Network will learn about “the application of existing authorities and laws to digital assets and best practices for investigating digital assets-related crimes.”
The DOJ also said that the DAC Network will:
Raise awareness of the unique international considerations of the crypto ecosystem, including the benefits of leveraging foreign relationships and the challenges of cross-border digital asset investigations.
The authority also established another division called the “National Cryptocurrency Enforcement Team” in October 2021 and appointed cybersecurity prosecutor Eun Young Choi as its head. Choi has argued that digital assets have become so popular among wrongdoers that honing in on the matter has become of significant importance. She is quoted as saying:
Digital-asset crimes are truly multidisciplinary. They are cross-border, complex, and challenging investigations, and they require a certain level of competency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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