Trump scraps enforcement of cryptocurrency fraud, shifts to narcotics
The United States Department of Justice has scrapped with immediate effect, the National Cryptocurrency Enforcement Team, to focus on fighting narcotics use.
This was disclosed in a four-page memo by the United States Deputy General, Todd Blanche, as claimed by a Fortune journalist, who referenced an April 8 report, Cointelegraph reports on Tuesday.
“The Department of Justice is not a digital assets regulator. However, the prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution,” Mr Blanche explained in the memo.
The disbandment of the unit is part of efforts to comply with President Donald Trump’s late January executive order reshaping U. S. crypto policy.
Mr Blanche, the second-highest-ranking official in the DOJ, served as Mr Trump’s defense attorney in high-profile cases, including the New York hush money case and federal cases related to classified documents and the 2020 election.
Critics are however concerned about a potential conflicts of interest by Mr Trump and his family who are said to be behind the World Liberty Financial (WLFI) decentralized finance (DeFi) protocol, and the Official Trump (TRUMP) memecoin, while the Trump Media is launching crypto exchange-traded funds (ETFs) in partnership with Crypto.com.
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