The Ministry of Justice publishes the second report on digital asset EO crimes, announces a new network of experts



The US Department of Justice (DOJ) published its latest report in response to President Joe Biden’s March executive order on the development of digital assets on September 16. announce Formation of the New Digital Asset Coordinator (DAC) Network “to advance the Department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.”

The report is titled “The Role of Law Enforcement in Detecting, Investigating and Prosecuting Criminal Activities Related to Digital Assets,” June report completes on international law enforcement cooperation.

new report He distinguishes The criminal exploitation of digital assets, with particular attention to non-alterable tokens (NFTs) and decentralized finance (DeFi) and goes on to examine the efforts of various federal departments and agencies to combat crime involving digital assets. It recommends a variety of measures to enhance law enforcement efforts.

The report’s priority proposals are to expand the reporting prevention provisions by expanding the definition of “financial institution” in applicable laws, amend the Criminal Code as it applies to businesses that move unlicensed funds, and extend the statute of limitations for certain crimes.

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The report also suggests changes in the preservation and presentation of evidence and recommends tougher penalties and other changes to laws, particularly the Bank Secrecy Act. It also recommends “adequate funding” for its efforts, including hiring incentives and changes in hiring policy.

The DAC has already been launched under the leadership of the National Crypto Implementation Team, a body Formed in February after, after It was announced last year. The network held its first meeting on September 8.

The coordinators are the more than 150 federal prosecutors from US Attorney’s Offices and Justice Department litigation elements. It is expected to be the “core forum for management” for training and guidance on the investigation and prosecution of digital asset crimes. DAC members are appointed as an expert on the subject of digital assets for their office. It looks like they will receive special training to work in this role.