DOJ publishes second report on EO digital asset crime, announces new expert network

DOJ publishes second report on EO digital asset crime, announces new expert network

In response to President Joe Biden’s March executive order (EO), on digital asset development, the United States Department of Justice (DOJ), published its most recent report on September 16. It also announced the creation of a Digital Asset Coordinator Network (DAC), “in support of the department’s efforts to fight the growing threat posed to the American people by the illicit use digital assets.”

This report, entitled “The Role Of Law Enforcement in Detecting Investigating and Prosecuting Crime Activity Related to Digital Assets,” is a complement to its June report on international cooperation in law enforcement.

The report examines the criminal exploitation of digital assets, paying particular attention to decentralized finance (DeFi), and nonfungible tokens. It also reviews the efforts of federal agencies and departments to combat digital asset crime. The report recommends several measures to improve law enforcement 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 imposters) (@FilanLaw September 16, 2022

Priorities in the report include the extension of anti-tipping provisions by broadening “financial institutions” within the applicable statutes, amending the criminal code to apply to unlicensed money transmitter businesses, and extending the statute of limitations for certain offenses.

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The report recommends changes in preservation and provisional evidence, and also recommends strengthening penalties and other modifications to laws, including the Bank Secrecy Act. It recommends that it receive adequate funding, which includes employment incentives and changes to the hiring policy.

The DAC was launched by the National Cryptocurrency Enforcement Team (a body that was established in February following an announcement last year). On September 8, the network held its inaugural meeting.

Over 150 federal prosecutors representing U.S. Attorneys Offices and the DOJ’s litigation components are serving as coordinators. It will be the “primary forum” for guidance and training on digital asset crime investigation and prosecution. DAC members will be designated the subject-matter expert for their office on digital assets. To fulfill this role, they will receive training.

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