The US has been very strict about regulating crypto. They clearly stated that a ban is not coming, so the best thing to do is to keep the space clean. For the same, the US has announced an enforcement team for cryptocurrency misuse. The job of the team will be to tackle the problems related to criminal activities surrounding crypto. From money laundering to any shady stuff done by exchanges will be taken care of by this team.
The enforcement team for cryptocurrency misuse
The main idea behind this initiative of the US Department of Justice is to protect investors from fraud and other illegal activities. The announcement regarding the new team was made during a speech at the Aspen Cyber Summit on Wednesday. The DOJ explained that there are a lot of illegal activities going on in the space. So, it is important to solve that and make sure that the space is clean. The team will also help in tracing and recovering crypto and related assets lost due to fraud or extortion. I am not sure that that the team will be able to completely terminate these issues or not. But I am affirmative that they will reduce it down to a good extent.
The Deputy Attorney General also said that they would not hesitate to go after money laundering platforms. In fact, they are going to hire experts in both the fields of cybersecurity and money laundering. If the US actively looks out for ways to stop criminals from affecting the space, we can expect illegal activities to reduce drastically in the near future.
Another big news
The deputy attorney general has also made it clear that exchanges had been hiding breaches rather than bringing them forward and reporting them. And with the hiring of this new team, that will change. The team will use civil enforcement tools to source companies that don’t meet cybersecurity standards. This will make using exchanges even safer as there will be fewer chances of hackers stealing our holdings.
What are your thoughts on the US appointing an enforcement team for cryptocurrency? And do you think that this will clear up the crypto space? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.