Huge Breaking :
🚨US Department of Justice Reportedly Shuts National Cryptocurrency Enforcement Team🔥🔥🔥
The US Department of Justice (DOJ) has shut down its National Cryptocurrency Enforcement Team (NCET), effective immediately. This move signals a significant shift in the government's approach to cryptocurrency regulation, reflecting the Trump administration's pro-crypto stance.¹
Key Implications
- *Reduced Regulatory Pressure*: The NCET's disbandment indicates a decrease in regulatory pressure on the crypto industry, aligning with Trump's executive order to promote a clear regulatory framework.
- *Shift in Focus*: The DOJ will now prioritize prosecuting individual bad actors, such as scammers and hackers, over targeting infrastructure providers like exchanges and privacy protocols.
- *Easing of Enforcement Actions*: The move is expected to ease enforcement actions against major crypto players, with the SEC and CFTC also expected to relax their oversight.² ³
Background
The NCET was established in 2021 under the Biden administration to combat illicit activities in the crypto space. The unit had been involved in high-profile cases, including:
- *Tornado Cash*: The DOJ charged developers with money laundering and sanctions violations.
- *Binance*: The exchange was accused of violating anti-money laundering laws and settled with a $4 billion penalty.
- *KuCoin*: The exchange was charged with operating as an unlicensed money-transmitting business.
What's Next
The shutdown of the NCET marks a turning point in the government's approach to cryptocurrency regulation. With the Trump administration's pro-crypto stance, the industry can expect a more relaxed regulatory environment.
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