US DOJ calls for stronger laws on cryptocrime, launches DAC network
The US Department of Justice (DOJ) announced on Friday that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) network.
The DAC network was created to augment the federal executive branch’s efforts to “combat the growing threat posed by the illegal use of digital assets to the American public,” it explained.
The network consists of over 150 designated federal prosecutors selected from U.S. attorneys’ offices across the country and the Justice Department’s prosecution components, the DOJ explained in a statement.
“Each DAC will serve as the office’s subject matter expert on digital assets, serving as a first-line source of information and guidance on legal and technical matters related to these technologies,” the executive branch noted.
The DOJ said it launched the DAC network in response to the March 9 Executive Order issued by President Joe Biden, which requires the responsible development of digital assets.
It added that the network is led by, among others, its National Cryptocurrency Enforcement Team (NCET) which was established in October last year to tackle cryptocurrency crimes.
The Department of Justice explained that the DAC network “will serve as the department’s primary forum for prosecutors to provide and disseminate specialized training, technical expertise and guidance on the investigation and prosecution of digital assets.”
It further noted that the network will also serve “as a source of information and discussion addressing emerging digital assets, such as DeFi, smart contracts and token-based platforms, and their use in criminal activity.”
Eun Young Choi, the director of NCET, chaired the network’s first meeting on Sept. 8, the executive branch added.
“The efforts announced today reflect the commitment of the Department of Justice and our law enforcement and regulatory partners to promote the responsible development of digital assets, protect the public from criminal actors in this ecosystem, and address the unique challenges these technologies pose,” the lawyer explained. General Merrick B. Garland.
DOJ’s report on digital assets
In addition to the formation of the DAC network, the Justice Department on Friday also released a report on digital assets in response to the ruling.
The report is titled “The Role of Law Enforcement in Detecting, Investigating and Prosecuting Criminal Activity Related to Digital Assets.”
The DOJ said the report was prepared in cooperation with several federal agencies such as the Department of Treasury, the Department of Homeland Security and the Department of States.
It added that this is in line with the proclamation’s requirement for interagency harmonization of efforts in crypto regulation.
In the report, the Ministry of Justice called for providers of virtual asset services to be subject to provisions that prevent employees of financial organizations from tipping off suspects in ongoing investigations.
The DOJ also called for strengthening the laws that criminalize the operation of unlicensed money transfer businesses in the country.
Furthermore, the department sought to extend the statute of limitations for certain laws to account for the complexity of digital asset investigations.
The US Department of Justice (DOJ) announced on Friday that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) network.
The DAC network was created to augment the federal executive branch’s efforts to “combat the growing threat posed by the illegal use of digital assets to the American public,” it explained.
The network consists of over 150 designated federal prosecutors selected from U.S. attorneys’ offices across the country and the Justice Department’s prosecution components, the DOJ explained in a statement.
“Each DAC will serve as the office’s subject matter expert on digital assets, serving as a first-line source of information and guidance on legal and technical matters related to these technologies,” the executive branch noted.
The DOJ said it launched the DAC network in response to the March 9 Executive Order issued by President Joe Biden, which requires the responsible development of digital assets.
It added that the network is led by, among others, its National Cryptocurrency Enforcement Team (NCET) which was established in October last year to tackle cryptocurrency crimes.
The Department of Justice explained that the DAC network “will serve as the department’s primary forum for prosecutors to provide and disseminate specialized training, technical expertise and guidance on the investigation and prosecution of digital assets.”
It further noted that the network will also serve “as a source of information and discussion addressing emerging digital assets, such as DeFi, smart contracts and token-based platforms, and their use in criminal activity.”
Eun Young Choi, the director of NCET, chaired the network’s first meeting on Sept. 8, the executive branch added.
“The efforts announced today reflect the commitment of the Department of Justice and our law enforcement and regulatory partners to promote the responsible development of digital assets, protect the public from criminal actors in this ecosystem, and address the unique challenges these technologies pose,” the lawyer explained. General Merrick B. Garland.
DOJ’s report on digital assets
In addition to the formation of the DAC network, the Justice Department on Friday also released a report on digital assets in response to the ruling.
The report is titled “The Role of Law Enforcement in Detecting, Investigating and Prosecuting Criminal Activity Related to Digital Assets.”
The DOJ said the report was prepared in cooperation with several federal agencies such as the Department of Treasury, the Department of Homeland Security and the Department of States.
It added that this is in line with the proclamation’s requirement for interagency harmonization of efforts in crypto regulation.
In the report, the Ministry of Justice called for providers of virtual asset services to be subject to provisions that prevent employees of financial organizations from tipping off suspects in ongoing investigations.
The DOJ also called for strengthening the laws that criminalize the operation of unlicensed money transfer businesses in the country.
Furthermore, the department sought to extend the statute of limitations for certain laws to account for the complexity of digital asset investigations.
