US Department of Justice Exits Crypto Policing with Immediate NCET Shutdown

The memo states that the shutdown is effective right away and is being carried out in response to an executive order signed by President Donald Trump in January.

The note, dated April 8, was written by Deputy General Todd Blanche and points to a shift in approach under President Trump.

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Blanche, who now holds a senior position at the DOJ, previously served as President Trump’s lawyer in several legal matters, including cases tied to classified documents and the 2020 election. In the memo, he explained:

The Department of Justice is not a digital assets regulator. However, the prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution.

The NCET was launched in October 2021 while Joe Biden was in office. Deputy Attorney General Lisa Monaco said at the time that the group’s goal was to target platforms that allowed criminals to move or hide illegal funds.

She noted that the unit was created to better target the financial networks that support such activity and to stop wrongdoers from benefiting from it.

The DOJ announced that it had taken control of cryptocurrency funds it said were intended to support Hamas. How did the DOJ manage to do this? Read the full story.