Over 150 federal prosecutors have been established by the U.S. Department of Justice’s Digital Asset Coordinator Network. The authority explained that the new network will further its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public.”
US Government’s Digital Asset Coordinator Network
U.S. Department of Justice announced Friday the establishment of the national Digital Asset Coordinator Network by its Criminal Division.
The Justice Department noted that the DAC Network launch is “in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public,” elaborating:
Led by the department’s National Cryptocurrency Enforcement Team (NCET), the DAC Network comprises over 150 designated federal prosecutors from U.S. attorneys’ offices and across the department’s litigating components.
DOJ stated that the DAC Network would be the primary venue for prosecutors to receive and disseminate specialized technical training and expertise about digital asset crime investigation and prosecution.
Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division said digital asset developments “have created a new landscape for criminals to exploit innovation to further significant criminal and national security threats domestically and abroad.” He described:
With the establishment of the DAC Network the Criminal Division, and the National Cryptocurrency Enforcement Team, will ensure that both the Criminal Division (and its prosecutors) are well-equipped to fight the evolving criminalities in digital asset technology.
The DOJ launched the National Cryptocurrency Enforcement Team in October last year “to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”
Members of the DAC Network will learn about “the application of existing authorities and laws to digital assets and best practices for investigating digital assets-related crimes.” They include drafting search and seizure warrants, restraining orders, criminal and civil forfeiture actions, indictments, and other pleadings, the DOJ detailed, adding:
The DAC Network is also a place for information and discussion about new digital assets issues such as defi. [decentralized finance]The use of token-based platforms and smart contracts in criminal activities.
In addition, the DAC Network will “raise awareness of the unique international considerations of the crypto ecosystem, including the benefits of leveraging foreign relationships and the challenges of cross-border digital asset investigations,” the Justice Department noted.
Do you agree with the DOJ’s establishment of the national Digital Asset Coordinator Network, which includes over 150 federal prosecutors in an effort to stop the illegal use and abuse of crypto? Please comment below.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.