The US Department of Justice has announced the disbandment of the National Cryptocurrency Enforcement Team, created in 2022 under the Joe Biden administration. This decision is part of a broader change in the policy of Donald Trump, who advocates for the deregulation of the crypto market, writes CNBC.
From now on, investigations into crimes involving digital assets will be coordinated without a centralized unit. The main role in such cases will be played by the district offices of federal prosecutors, and the focus will shift to cases related to terrorism, human trafficking, organized crime, hacking and cartel financing. The priority will remain to prosecute individuals who use cryptocurrencies to commit serious crimes or defraud investors.
According to a memorandum from Deputy Attorney General Todd Blanch, prosecutors have been ordered to discontinue investigations that do not meet the new criteria. The Justice Department will no longer prosecute exchanges, wallets, and services for the actions of their users or unintentional violations. Now, charges under financial laws will only be possible if there is proof of willful violation.
The move falls in line with the Trump administration's new approach to open access to blockchain networks and deregulation of the crypto industry. Donald Trump and his family are active investors in crypto projects, including World Liberty Financial, a digital bank that has already sold $550 million in tokens.
Despite deregulation, the cryptocurrency market is in decline — Bitcoin has lost almost 30% from its record high, and the total market capitalization has decreased by more than $1.2 trillion.