USA – The Department of Justice launches a network to track the illicit use of cryptocurrencies

USA – The Department of Justice launches a network to track the illicit use of cryptocurrencies

The United States is – again – strengthening its action plan against criminals in the cryptocurrency sector. The Department of Justice (DOJ) announces the creation of a national network of digital asset coordinators (DAC). Launched by its criminal division, it should strengthen efforts to “Combat the growing threat that the misuse of digital assets poses to the American public. »

Suffice to say that the American authorities are waging a relentless war against the emergence of cryptocurrencies on its territory. Between the proliferation of investigations by the Securities and Exchange Commission (SEC), the sometimes very severe legal decisions of American judges, and now that is the entire ecosystem which is gradually scrutinized. However, it cannot be denied that the sector is full of scams of all kinds. And in this, it can be a good omen to attack it directly – as the Americans do perfectly well.


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The DAC network to monitor cryptocurrencies

The creation of this national network by the DOJ follows the publication of its report relating to digital assets. In accordance with presidential decree of March 09 the latter on the responsible development of digital assets, on the investigation and prosecution of criminal activities related to these said assets.

The DAC network is made up of 150 federal prosecutors. They are appointed by the United States Attorney’s Offices and by the Department’s litigation services. He is led by the National Cryptocurrency Enforcement Team (NCET) of the ministry. This last division was created recently (in October 2022). To ensure that the department “addresses the challenge posed by the criminal use of cryptocurrencies and digital assets. In addition, it is she who conducts investigations, identifies, supports and prosecutes Department cases involving the criminal use of digital assets.

“Through the creation of the DAC Network, the Criminal Division and the National Cryptocurrency Enforcement Team will continue to ensure that the department and its prosecutors are best positioned to combat the ever-evolving criminal uses of technology. digital assets. »

Official release from the US Department of Justice (DOJ).

According to the White House, this information must be put in parallel with all the efforts made by the State. Which relate to its collaboration with and between the various government agencies. The document then specifies that it is a question here ” develop policy frameworks and recommendations that advance six key priorities identified. These are consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation. »

What missions for the DAC network?

According to the words of the ministry, the DAC network is invested with several skills and missions. Indeed, each member will have to learn “the application of existing authorities and laws to digital assets. And best practices for investigating crimes related to digital assets. » This means that they will be competent to draft search and seizure warrants or even indictments.

Additionally, the DOJ says the network will be a information source and of discussing on all topics related to digital assets. Including here DeFi, smart contracts etc, in criminal networks but not only.

“Each DAC will act as their office’s subject matter expert on digital assets, serving as a front-line source of information and advice on legal and technical issues related to these technologies. »

Official release from the US Department of Justice (DOJ).

Finally, he should raise awareness of the unique international considerations of the cryptocurrency ecosystem. Including the benefits of leveraging foreign connections and the challenges of cross-border digital asset investigations. »


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