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US’ DOJ Calls for Stronger Crypto Crime Laws, Launches DAC Network

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The United States Justice Department (DOJ) on Friday announced that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) Network.

The DAC Network was created to boost the federal executive department’s efforts to “combat the growing threat posed by the illicit use of digital assets to the American public,” it explained.

The network comprises over 150 designated federal prosecutors selected from US Attorneys’ Offices across the country and the justice department’s litigating components, DOJ explained in a statement.

“Each DAC will act as their office’s subject-matter expert on digital assets, serving as a first-line source of information and guidance about legal and technical matters related to these technologies,” the executive department noted.

DOJ said it launched the DAC Network in response to the March 9 Executive Order issued by President Joe Biden, calling for responsible development of digital assets.

It added that the network is being led by, among others, its National Cryptocurrency Enforcement Team (NCET) which was created in October last year to tackle cryptocurrency crimes.

The Justice Department explained that the DAC Network “will serve as the department’s primary forum for prosecutors to obtain and disseminate specialized training, technical expertise, and guidance about the investigation and prosecution of digital asset crimes.”

It further noted that the Network will also serve “as a source of information and discussion addressing new digital asset issues, such as DeFi, smart contracts, and token-based platforms, and their use in criminal activity.”

Eun Young Choi, the Director of the NCET, chaired the network’s first meeting on September 8, the executive department added.

“The efforts announced today reflect the commitment of the Justice Department and our law enforcement and regulatory partners to advancing the responsible development of digital assets, protecting the public from criminal actors in this ecosystem, and meeting the unique challenges these technologies pose,” explained Attorney 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 launched a report on digital assets in response to the executive order.

The report is titled, “The Role Of Law Enforcement In Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets.”

DOJ said the report was prepared in partnership with multiple 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 executive order’s call for inter-agency harmonization of efforts in crypto regulation efforts.

In the report, the Justice Department called for virtual asset service providers to be subjected to provisions that prevent the employees of financial organizations from tipping off suspects in ongoing investigations.

The DOJ also called for the strengthening of the laws that criminalize the operation of unlicensed money transfer businesses in the country.

Furthermore, the department sought for the extension of the statute of limitations of certain laws to account for the complexities of digital assets investigations.

The United States Justice Department (DOJ) on Friday announced that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) Network.

The DAC Network was created to boost the federal executive department’s efforts to “combat the growing threat posed by the illicit use of digital assets to the American public,” it explained.

The network comprises over 150 designated federal prosecutors selected from US Attorneys’ Offices across the country and the justice department’s litigating components, DOJ explained in a statement.

“Each DAC will act as their office’s subject-matter expert on digital assets, serving as a first-line source of information and guidance about legal and technical matters related to these technologies,” the executive department noted.

DOJ said it launched the DAC Network in response to the March 9 Executive Order issued by President Joe Biden, calling for responsible development of digital assets.

It added that the network is being led by, among others, its National Cryptocurrency Enforcement Team (NCET) which was created in October last year to tackle cryptocurrency crimes.

The Justice Department explained that the DAC Network “will serve as the department’s primary forum for prosecutors to obtain and disseminate specialized training, technical expertise, and guidance about the investigation and prosecution of digital asset crimes.”

It further noted that the Network will also serve “as a source of information and discussion addressing new digital asset issues, such as DeFi, smart contracts, and token-based platforms, and their use in criminal activity.”

Eun Young Choi, the Director of the NCET, chaired the network’s first meeting on September 8, the executive department added.

“The efforts announced today reflect the commitment of the Justice Department and our law enforcement and regulatory partners to advancing the responsible development of digital assets, protecting the public from criminal actors in this ecosystem, and meeting the unique challenges these technologies pose,” explained Attorney 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 launched a report on digital assets in response to the executive order.

The report is titled, “The Role Of Law Enforcement In Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets.”

DOJ said the report was prepared in partnership with multiple 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 executive order’s call for inter-agency harmonization of efforts in crypto regulation efforts.

In the report, the Justice Department called for virtual asset service providers to be subjected to provisions that prevent the employees of financial organizations from tipping off suspects in ongoing investigations.

The DOJ also called for the strengthening of the laws that criminalize the operation of unlicensed money transfer businesses in the country.

Furthermore, the department sought for the extension of the statute of limitations of certain laws to account for the complexities of digital assets investigations.

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  • Source: https://www.financemagnates.com/cryptocurrency/us-doj-calls-for-stronger-crypto-crime-laws-launches-dac-network/

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