US’ DOJ Calls for Stronger Crypto Crime Laws, Launches DAC Network

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The US Department of Justice (DOJ) on Friday announced that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) Network.

The DAC Network was created to accelerate the efforts of the federal enforcement department to “combat the growing threat posed by the illegal use of digital assets to the American public,” it explained.

The network consists of more than 150 designated federal prosecutors drawn from U.S. attorneys’ offices across the country and the prosecution components of the justice system, DOJ explained. in a statement.

“Each DAC will act as their office’s expert on digital assets, serving as a front-line source of information and guidance on legal and technical issues related to these technologies,” the enforcement department noted.

DOJ said it launched the DAC Network in response to the March 9 Executive Order issued by President Joe Biden, requiring responsible development of digital assets.

It added that the network is led by, among others, its National Cryptocurrency Enforcement Team (NCET), which was created in October last year to deal with crypto crimes.

The Justice Department explained that the DAC Network “will serve as the department’s primary forum for prosecutors to obtain and disseminate specialized training, technical expertise and guidance on the investigation and prosecution of digital asset crimes.”

It further noted that the Web will also serve “as a source of information and discussion on new issues related to digital assets, such as DeFi, smart contracts and token-based platforms, and their use in criminal activity.”

Eun Young Choi, the NCET Director, chaired the first meeting of the network on September 8, the executive department added.

“The efforts announced today reflect the commitment of the Department of Justice and our law enforcement and regulatory partners to advance the responsible development of digital assets, protect the public from criminal actors in this ecosystem, and meet the unique challenges these technologies present,” explained a lawyer General Merrick B. Garland.

DOJ Report on Digital Assets

In addition to the formation of the DAC Network, the Ministry of Justice on Friday also launched a report on digital assets in response to the executive order.

The report is titled, “The Role Of Law Enforcement In Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets.”

DOJ said the report was prepared in partnership with multiple federal agencies such as the Department of the Treasury, the Department of Homeland Security and the Department of State.

It added that this is in line with the executive order’s call for interagency harmonization of efforts in crypto regulatory efforts.

In the report, the Ministry of Justice requested that virtual asset service providers be subject to provisions that prevent the employees of financial organizations from informing suspects in ongoing investigations.

The DOJ also called for the strengthening of the laws that criminalize the operation of unlicensed money transfer companies in the country.

In addition, the department sought the extension of the statute of limitations of certain laws to account for the complexity of digital asset investigations.

The US Department of Justice (DOJ) on Friday announced that its Criminal Division has launched a nationwide Digital Asset Coordinator (DAC) Network.

The DAC Network was created to accelerate the efforts of the federal enforcement department to “combat the growing threat posed by the illegal use of digital assets to the American public,” it explained.

The network consists of more than 150 designated federal prosecutors drawn from U.S. attorneys’ offices across the country and the prosecution components of the justice system, DOJ explained. in a statement.

“Each DAC will act as their office’s expert on digital assets, serving as a front-line source of information and guidance on legal and technical issues related to these technologies,” the enforcement department noted.

DOJ said it launched the DAC Network in response to the March 9 Executive Order issued by President Joe Biden, requiring responsible development of digital assets.

It added that the network is led by, among others, its National Cryptocurrency Enforcement Team (NCET), which was created in October last year to deal with crypto crimes.

The Justice Department explained that the DAC Network “will serve as the department’s primary forum for prosecutors to obtain and disseminate specialized training, technical expertise and guidance on the investigation and prosecution of digital asset crimes.”

It further noted that the Web will also serve “as a source of information and discussion on new issues related to digital assets, such as DeFi, smart contracts and token-based platforms, and their use in criminal activity.”

Eun Young Choi, the NCET Director, chaired the first meeting of the network on September 8, the executive department added.

“The efforts announced today reflect the commitment of the Department of Justice and our law enforcement and regulatory partners to advance the responsible development of digital assets, protect the public from criminal actors in this ecosystem, and meet the unique challenges these technologies present,” explained a lawyer General Merrick B. Garland.

DOJ Report on Digital Assets

In addition to the formation of the DAC Network, the Ministry of Justice on Friday also launched a report on digital assets in response to the executive order.

The report is titled, “The Role Of Law Enforcement In Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets.”

DOJ said the report was prepared in partnership with multiple federal agencies such as the Department of the Treasury, the Department of Homeland Security and the Department of State.

It added that this is in line with the executive order’s call for interagency harmonization of efforts in crypto regulatory efforts.

In the report, the Ministry of Justice requested that virtual asset service providers be subject to provisions that prevent the employees of financial organizations from informing suspects in ongoing investigations.

The DOJ also called for the strengthening of the laws that criminalize the operation of unlicensed money transfer companies in the country.

In addition, the department sought the extension of the statute of limitations of certain laws to account for the complexity of digital asset investigations.

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