监管变化

The U.S. Department of Justice Dissolves Cryptocurrency Enforcement Team, Major Positive Developments for the Crypto Industry?

The U.S. Department of Justice (DOJ) has announced that they will no longer prosecute cryptocurrency exchanges, developers, or users for regulatory violations. This is big news and a significant victory for the cryptocurrency industry.

Recently, Deputy Attorney General Todd Blanche released a memorandum announcing the immediate dissolution of the former National Cryptocurrency Enforcement Team (NCET). This news was disclosed on the X platform by Amanda Tuminelli, Executive Director of the DeFi Education Fund, sparking widespread attention in the industry.

Blanche made it clear that the Department of Justice is not the regulatory body for digital assets and will no longer use criminal prosecution as a means to regulate digital assets. He also stated that the previous administration's prosecution strategy was overly reckless, failing to fully consider the consequences, leading to poor enforcement outcomes.

The memorandum indicates that the DOJ will no longer bring lawsuits or enforcement actions against cryptocurrency exchanges, mixing services, and end users of offline wallets, unless there is intentional wrongdoing involved. This shift marks a significant adjustment in the DOJ's regulatory strategy concerning digital assets.

Now, the DOJ will focus on prosecuting individuals who harm digital asset investors and engage in crimes such as terrorism, human trafficking, drug trafficking, and financial fraud using cryptocurrencies. At the same time, the DOJ has ordered the termination of ongoing investigations that are inconsistent with the new policy and is collaborating with criminal divisions to ensure consistency in enforcement actions.

The NCET had been involved in several major cryptocurrency cases, including the prosecution of the Ethereum mixing service Tornado Cash. In 2023, the DOJ arrested its platform developer Roman Storm on charges of money laundering and violations of sanctions, which sparked controversy.

Another case involves the Samourai wallet, a privacy-focused Bitcoin wallet. Although this product is a non-custodial service and does not control user funds, its mixing function has been viewed by legislators as a means to obscure illegal trading purposes.

This is not the first action taken by the current government department; as early as January this year, Trump signed an executive order that led the Commodity Futures Trading Commission (CFTC) to reduce its existing cryptocurrency enforcement team. Currently, only the CFTC and SEC are responsible for handling matters related to digital assets.

#加密货币 #美国司法部 #监管变化

⬇️Good news for cryptocurrency?  SEC is “reducing” its crypto enforcement division!

According to a report by The New York Times on February 4, the U.S. Securities and Exchange Commission (SEC) is reducing the size of its cryptocurrency enforcement division. The division previously had more than 50 lawyers and staff, and now some have been transferred to other divisions. I heard that even top litigation lawyers were transferred away, and some people think this is an “unfair demotion.”

After taking office, the new SEC Chairman Mark Uyeda immediately set up a team to review the regulation of digital assets. The team was led by Hester Peirce, a pro-cryptocurrency commissioner. The SEC previously relied mainly on enforcement actions to regulate cryptocurrencies, and often used some new and untested legal interpretations. However, it now seems that the regulatory direction is changing.

In addition, the executive order signed by President Trump on January 23 aims to promote the development of cryptocurrencies and eliminate the excessive regulation of financial regulators in the past few years. The policy mentions providing a regulatory framework that is “technologically neutral, considers emerging technologies, transparent decision-making, and clear judicial boundaries.”

Hester Peirce also said that the main tasks of the new working group include reviewing the security of crypto assets, solving token issuance issues, updating broker-dealer regulations, etc. She also mentioned cryptocurrency lending and staking, as well as cryptocurrency exchange-traded products. In short, the SEC seems to be shifting from "strict law enforcement" to "clear regulation."

According to news on February 4, Trump's "crypto czar" David Sacks also held a press conference with several senators and proposed the "GENIUS Act", which focuses on stablecoin regulation and establishing a clear regulatory framework. They also announced the establishment of a joint working group on crypto legislation in the House and Senate, with the goal of keeping crypto innovation in the United States and coordinating regulatory work between agencies such as the SEC and the CFTC.

However, despite so much positive news, the cryptocurrency market fell nearly 5% that day, with a total market value of $3.15 trillion. Bitcoin also fell to $96,000 at one point, and its current value has returned to around $98,000, with opportunities and risks coexisting!

💬 Do you think these changes by the SEC are a big boon to the cryptocurrency market? Leave a message and discuss in the comment section!

#加密货币 #SEC #监管变化