The US DOJ (Department of Justice) launches a prosecutor network with over 150 officials to fight crypto crimes. Even though cash is still prevalently used by criminals for illegal purposes, cryptocurrencies are also catching the eyes of criminals. Money laundering, funding terrorism, and similar illegal activities are being done with the use of crypto. Therefore, the DOJ is actively pursuing the problem with prosecutors that will reduce the growing threat of illegal use of digital assets.
The crypto prosecutor network
The DOJ has recently formed a Nationwide Digital Asset Coordinator network. It will help them pursue cases faster and ensure the threat of illegal crypto usage is neutralized. Since it is much more difficult to track crypto transactions due to the lack of a 3rd party, it is also tough to stop wrongful usage of the same. In this regard, online fiat currencies are better.
The network formed by the DOJ, also known as DAC, has over 150 designated federal prosecutors from different departments, such as the US attorney’s office. The goal of this team would be to get trained and help others gain knowledge on investigating and prosecuting crimes involving digital assets.
Right now, the authorities are not trained enough that they will be able to tackle such crimes easily. This gives criminals the upper hand, but not for long. The United States is taking necessary steps to ensure such crimes are limited or stopped altogether.
Other efforts to stop crypto crime
Before this, the US Department of Justice also launched the National Cryptocurrency Enforcement team in Oct 2021. The goal of the team was to investigate and prosecute criminals for misuse of crypto. They had exchanged, mixing, and tumbling services, and criminals were under their jurisdiction. So, the DAC is an addition to this team. All of them will come together to stop crypto-related crimes.
The DAC will also be responsible for creating awareness regarding the “international considerations of the crypto ecosystem, benefits of leveraging foreign relationships, and the challenges of cross-border digital asset investigations.”
Even though the criminal use of cryptocurrencies is less than 0.5% of its total transactions, many still treat it as the primary reason for crimes. What are your thoughts as DOJ launches a crypto prosecutor network? And do you think it will be effective against criminal activities involving digital assets? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: UN says crypto is a threat to developing nations.
