The U.S. Department of Justice (DOJ) officially launched the National Cryptocurrency Enforcement Team (NCET) during a virtual speech at the Aspen Cyber Summit on Wednesday. Deputy Attorney General Lisa Monaco announced the initiative, which aims to tackle and prosecute “criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”
Team Scope and Objectives
The NCET is designed to strengthen the DOJ’s ability to disable financial markets that enable cybercriminals to flourish. The team will include anti-money laundering and cybersecurity experts and will focus on complex investigations and prosecutions tied to cryptocurrency transactions, including ransomware payments, fraud, and extortion. Monaco stated: “We are today launching the National Cryptocurrency Enforcement Team. We won’t hesitate to go after laundering platforms and are drawing on cyber experts and prosecutors, and money laundering experts.”
Consumer Protection and Industry Actions
Monaco emphasized that cryptocurrency exchanges want to become the banks of the future, and regulators must ensure consumer confidence. “The point is to protect consumers,” she added. In a parallel move, the DOJ also announced a new civil cyber fraud initiative that will use civil enforcement tools to pursue government contractors who fail to meet recommended cybersecurity standards. “For too long, companies have chosen silence under the mistaken belief that it’s less risky to hide a breach than to bring it forward and report it. That changes today,” Monaco said.
International Coordination
Last week, President Joe Biden revealed that the U.S. is bringing together 30 countries this month to address cybercrime, including the illicit use of cryptocurrencies. The NCET is expected to serve as a key domestic enforcement arm under this international cooperation framework, significantly enhancing America’s capacity to combat cryptocurrency-related crime.