Justice Department to Double Size of Crypto Enforcement Team

Updated: 21 July 2023

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The Justice Department is revamping its cryptocurrency crime investigation team, merging the National Cryptocurrency Enforcement Team (NCET) and the Computer Crime and Intellectual Property Section (CCIPS) into a single office.

This move aims to consolidate the Criminal Division’s cybercrime expertise, as announced by Principal Deputy Assistant Attorney General Nicole M. Argentieri at an event in Washington, DC.

Justice Department Doubles the Size to Double the Action

With this move by the Justice Department, twice as many prosecutors will be available to handle the NCET team’s increasing caseload.

.@DOJCrimDiv’s Principal Deputy Assistant Attorney General Nicole Argentieri announces initiative at @CSIS to consolidate the Criminal Division’s expertise in all aspects of fighting cybercrime.https://t.co/nkClwLcqLE pic.twitter.com/2MRzxNUYMF

— Criminal Division (@DOJCrimDiv) July 20, 2023

NCET, operating within CCIPS, will continue its efforts in investigating cryptocurrency misuse and collaborating with MLARS to prosecute money laundering on crypto exchanges.

The team will strengthen ties with AUSAs and prosecutors from other Department components interested in cryptocurrencies and provide education on investigating complex cases.

NCET aims to elevate its capabilities as a knowledgeable group of cryptocurrency-focused lawyers with expertise in technology, business, and legal aspects of the industry.

NCET History and Track Record

Deputy Attorney General Lisa Monaco prompted the establishment of NCET in 2021 to address concerns about the crypto industry’s growth and potential misuse by criminals and terrorists.

NCET initially focused on investigating crimes related to cryptocurrency exchanges, mixing services, and money laundering infrastructure, and employed experts from CCIPS and MLARS to aid its creation.

And who do we think the NCET (DOJ's crypto enforcement team focused on AMLAR) is targeting? https://t.co/Dmoelu8POz pic.twitter.com/3gNz4O64gC

— Tiger (@NotChaseColeman) July 18, 2023

Amid a sector slump and FTX’s collapse, the NCET’s efforts to pursue dishonest crypto players have gained momentum.

Cryptocurrency’s prevalence in the criminal underground has raised concerns for regulators and law enforcement.

The NCET recently charged FTX founder Sam Bankman-Fried with fraud, while a Bitzlato executive was detained for violating regulatory safeguards.

What Does the Latest Merger Mean?

The merger of NCET and CCIPS will increase the capacity for criminal cryptocurrency cases and promote collaboration between lawyers.

This move elevates crypto-related work within the Justice Department and signals a focus on understanding cryptocurrencies for tackling criminal challenges.

The incorporation of NCET into CCIPS will enhance the Department’s ability to track cryptocurrency-related crimes and enforce regulations, similar to the SEC’s expansion of its Crypto Assets and Cyber Unit in 2022.

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