On Wednesday, October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (“NCET”).
According to the Department of Justice, the purpose of NCET is to “tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.” In other words, NCET will investigate and prosecute criminal misuse of cryptocurrency.
When announcing NCET, Deputy Attorney General Monaco said, “as the technology advances, so too must the Department evolve with it so that we’re poised to root out abuse on these platforms and ensure user confidence in these systems.”
NCET will include experts from the Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), Computer Crime and Intellectual Property Section (CCIPS), and other cryptocurrency experts.
Cryptocurrency can be used in a wide variety of criminal activity including money laundering; as payment on the dark web for illegal material, drugs, or hacking tools; and fraudulent investment schemes. While many of the details of NCET are still being worked out, one thing is clear: Cryptocurrency is not going anywhere. The fact that the Department of Justice is devoting an entire enforcement team to the investigation and prosecution of cryptocurrency crimes underscores the relevancy of cryptocurrency in today’s society and moving forward.
The Department of Justice is changing and adapting to cryptocurrency technologies. Often, these adaptations happen quickly and must be balanced against the rights of criminal defendants. Accordingly, it is important to have a well-trained and knowledgeable advocate.
At Friedman Nemecek & Long, L.L.C., our criminal defense attorneys have years of experience dealing with cryptocurrency litigation, ever changing technology policies of the Department of Justice, and securing the rights of defendants throughout criminal proceedings. As CNET begins to investigate and prosecute cryptocurrency crimes, our attorneys are prepared and ready to help you with any issues.
If you have questions regarding your rights in criminal proceedings, please call Friedman Nemecek & Long, L.L.C., L.L.C., in Cleveland, OH at (888) 694-4645 for a free initial consultation.
Read more about the new National Cryptocurrency Enforcement Team here:https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-o-monaco-announces-national-cryptocurrency-enforcement-team