US Department of Justice will create a group to investigate crimes related to cryptocurrency

Briefly:

  • The Biden administration has formed a new anti-corruption strategy
  • It mentions cryptocurrencies
  • The US Department of Justice will create a team to investigate crimes in this sector

Within anti-corruption strategies, the Biden administration intends to create a new unit within the Justice Department. Among his main tasks is the investigation and prevention of crimes in the crypto-sphere.

More about this is stated in the program itself, in section “Bringing persons convicted of corruption to justice” .

According to it, the United States intends to create a regime for combating money laundering and regulating financial flows. This includes, among other things, collecting data on beneficiaries and front companies.

The new group will focus not only on investigating fraud and other illegal activities on crypto exchanges, but also on preventing them. Also, those sites that, in theory, can be used to launder funds received for illegal activities, will be subject to the regulation.

According to the document, the unit will bear special responsibility for overseeing “crimes committed by exchanges, currency mixing services, cryptocurrency toggle switches, as well as other infrastructure suspected of money laundering”.

In addition, the department is considering encouraging whistleblowers to transmit data, which could lead to the arrest of the culprit.

In practice, this all means that the supervision of cryptocurrency exchanges in the United States will become much tougher.

In parallel with this initiative, the US Senate will hold hearings on the status and future of this industry. The meeting is scheduled for December 8th. It will be attended by CEOs of the largest industry companies.

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