DOJ to Launch National Crypto Enforcement Team: Report

The Department of Justice (DOJ) is launching a crypto crime-fighting team, the National Cryptocurrency Enforcement Team, according to a report from Reuters.

• In a speech at the Aspen Cyber Summit on Wednesday, U.S. Deputy Attorney General Lisa Monaco announced the formation of the new team, which will be composed of anti-money laundering professionals and cybersecurity experts.

• The team will focus on helping the DOJ better protect consumers from online financial crime, according to the Reuters article.

• “Cryptocurrency exchanges want to be the banks of the future. Well, we need to make sure that folks can have confidence when they’re using these systems and we need to be poised to root out abuse,” Reuters quoted Monaco as saying. “The point is to protect consumers.”

• Monaco also announced the formation of an initiative that will focus on civil cyber fraud.

• This initiative will bring enforcement actions against companies that receive government funding when they fail to follow governmental recommendations for cybersecurity standards.

• The DOJ did not immediately respond to requests for comment.

This is a developing story and will continue to be updated.