The United States Department of Justice (DOJ) released its most recent report on September 16 in response to President Joe Biden’s executive order on the development of digital assets. At the same time, he announced the formation of a new Digital Assets Coordinator (DAC) Network “in support of the department’s efforts to combat the growing threat posed to the public by the illicit use of digital assets.” American”.
The report, titled “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets” (lit. “The role of law enforcement in the detection, investigation and prosecution of criminal activities related to digital assets”), complements its June report on international law enforcement cooperation.
The new report characterizes the criminal exploitation of digital assets, paying special attention to non-fungible tokens (NFT) and decentralized finance (DeFi), and then examines the efforts of various federal departments and agencies to combat digital asset crime. It recommends a series of measures to improve control efforts.
#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.”https://t.co/Kgi3N41Q02
— James K. Filan 112k (beware of imposters) (@FilanLaw) September 16, 2022
The report’s priority proposals are expanding anti-bribery provisions by broadening the definition of “financial institution” within applicable statutes, amending the penal code as it pertains to unlicensed money transmission companies, and the extension of the statute of limitations for certain crimes.
The report also suggests changes in the preservation and provision of evidence and recommends strengthening sanctions and other changes in the laws, especially in the Bank Secrecy Law. It also recommends “adequate funding” for their efforts, including employment incentives and changes in hiring policy.
The DAC has already been launched under the leadership of the National Cryptocurrency Enforcement Team, a body formed in February after being announced last year. The network held its first meeting on September 8.
The coordinators are more than 150 federal prosecutors from the United States Attorney’s Offices and from the DOJ’s litigation components. It is expected to be “the department’s main forum” for training and guidance on the investigation and prosecution of crimes related to digital assets. The members of the DAC are designated as experts of their office in the field of digital assets. Apparently, they will receive special training to perform that role.
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