The U.S. Justice Department has closed its National Cryptocurrency Enforcement Team (NCET) as part of a shift under the Trump administration, which is reducing restrictions on digital assets. A memo from Deputy Attorney General Todd Blanche highlighted the department’s new focus on criminal groups and terrorist organizations using cryptocurrency for illegal activities like money laundering and trafficking.
This change follows Trump’s Executive Order 14178, which aims to support a “strong and inclusive digital economy” by easing rules on the crypto industry. The Justice Department will now focus on going after those who misuse digital assets to harm investors or fund criminal activities, leaving other government agencies to handle the rules. Some experts worry this move could make it harder to stop criminals from using cryptocurrencies to avoid sanctions and launder money.
Given the changing federal posture, civil claims against cryptocurrency companies are more important. It is up to victims to hold cryptocurrency companies to hold cryptocurrency exchanges and cryptocurrency companies responsible for their actions.
If you have any questions about cryptocurrency claims, please reach out to Michael Haeberle at mhaeberle@pattersonlawfirm.com.
