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Growing Illegal Use of Crypto Makes US Justice Department Create New Regulatory Network

16 Sep, 20222 min readRegulation
Growing Illegal Use of Crypto Makes US Justice Department Create New Regulatory Network

The Department of Justice spread the word that it intends to try harder to fight the illicit use of cryptocurrency assets to protect the U.S. population.

With this in mind, a special network will be created that will focus on digital assets.

#XRPCommunity #XRP The Justice Department is establishing a nationwide Digital Asset Coordinator Network “to combat the growing threat posed by the illicit use of digital assets to the American public.”— James K. Filan 🇺🇸🇮🇪 112k (beware of imposters) (@FilanLaw) September 16, 2022

According to Attorney General Merrick B. Garland, the role of cryptocurrencies in the global financial system is growing bigger and stronger. Therefore, law enforcement agencies are going to collaborate with various government departments to prevent the illegal usage of these new technologies.

These efforts have followed the White House's order issued in March aimed to protect investors and consumers, ensure the stability of the financial system and disrupt illegal financial operations.

The DAC (Digital Asset Coordinators) Network is being created to let the National Cryptocurrency Enforcement Team continue to stay in the best position for spotting and struggling with criminals who exploit the technology of blockchain and crypto, according to Kenneth A. Polite Jr., Assistant Attorney General of the Justice Department's Criminal Division.

The report issued by the Department researches how criminals are using crypto and DLT technologies, issues that this tech raises for law enforcement bodies and so on.

The newly created DAC network consists of more than 150 federal prosecutors coming from U.S. attornies' offices, and it has the National Cryptocurrency Enforcement Team as its leading body.

The DAC will train prosecutors in the sphere of digital assets, giving them the technical knowledge needed to investigate crimes to do with cryptocurrencies. The first meeting of the DAC was scheduled for Sept. 8.

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