The U.S. Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and malfeasance.
In a memo that’s been made public, the Justice Department said that it’s shifting its focus away from crypto cases that involve banking and securities law. “The Department of Justice is not a digital assets regulator,” said Deputy Attorney General Todd Blanche in the memo.
The disbanding of the crypto team is the latest effort by the Trump administration to boost the cryptocurrency industry while undoing the previous administration’s efforts to crackdown on wrongdoers who perpetrat crimes using digital coins and tokens. The disbandment of the National Cryptocurrency Enforcement Team is seen as good news for Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Changing Priorities
The Trump administration has also dialed back crypto enforcement efforts at the U.S. Securities and Exchange Commission (SEC). Justice Department officials have said their current priorities are tackling illegal immigration, gangs, and drug crimes rather than crypto companies and entrepreneurs.
The National Cryptocurrency Enforcement Team was created under previous U.S. President Joe Biden and charged with targeting cryptocurrency exchanges and others “that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity.”
The Justice Department memo said that the National Cryptocurrency Enforcement Team’s disbandment is effective immediately.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 15.12% in the last 12 weeks.
