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April 9 (UPI) -- The Department of Justice ended its National Cryptocurrency Enforcement Team, while also redirecting focus away from targeting crypto fraud.
Deputy Attorney General Todd Blanche sent a memo Monday announcing that the Justice Department will "no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets" as President Donald Trump has "actual regulators do this work outside the punitive criminal justice framework."
The memo said that in accordance with Executive Order 14178, the Justice Department will no longer "target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations," and that the "National Cryptocurrency Enforcement Team shall be disbanded effective immediately."
The Justice Department further ordered the Market Integrity and Major Fraud Unit to shift its focus fully away from cryptocurrency fraud and instead make immigration and procurement fraud a priority.
Under the Trump administration, the Securities and Exchange has dropped multiple investigations into cryptocurrency platforms.
In March, Trump also signed an executive order that established a strategic bitcoin reserve along with a U.S. digital asset stockpile.
Rep. Gerry Connolly, D- Va., who is the Ranking Member of the Committee on Oversight and Government Reform, sent a letter in March to Department of Treasury Secretary Scott Bessent that the creation of such a reserve "provides no discernible benefit to the American people but would significantly enrich the President and his donors."
"Holders of cryptocurrency include the President, his family, and his closest allies," he said. "The Trump Organization maintains significant ownership" in the World Liberty Financial cryptocurrency venture.
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