Source: Cointelegraph Original: "{title}"
The U.S. Department of Justice (DOJ) is reportedly disbanding the National Cryptocurrency Enforcement Team (NCET). According to a reporter from Fortune magazine who claims to have seen the documents, U.S. Deputy Attorney General Todd Blanche noted the disbandment of NCET in a four-page memorandum. The memorandum quoted an official as saying:
"The U.S. Department of Justice is not a digital asset regulatory agency. However, the previous administration pursued a reckless regulatory strategy through prosecutions."
Blanche is the second-highest official in the DOJ and has served as a defense attorney for former President Donald Trump in high-profile cases, including the New York hush money case and federal cases related to classified documents and the 2020 election.
NCET was established in October 2021 under the leadership of former President Joe Biden. Then-Deputy Attorney General Lisa Monaco stated that the team aimed to combat platforms that "help criminals launder or hide the proceeds of crime." She said:
"We want to enhance our ability to dismantle the financial ecosystem that allows these criminals to thrive and—frankly—profit from what they do."
NCET has been active since February 2022, and as of the publication of this article, its website remains online. The disbandment is reportedly effective immediately and is being implemented as part of an executive order issued by Trump at the end of January to reshape U.S. cryptocurrency policy.
NCET website. Source: U.S. Department of Justice website
Before returning to the presidency, Trump campaigned on a pro-cryptocurrency platform. He promised to establish a strategic Bitcoin (BTC) reserve for the U.S. and participated in cryptocurrency-related conferences, both before and after his re-election, while pledging to make the U.S. a leader in the global cryptocurrency space. Additionally, he appointed a pro-cryptocurrency chair for the U.S. Securities and Exchange Commission (SEC).
Despite the government's positive stance, critics remain concerned about potential conflicts of interest. Trump and his family are associated with the decentralized finance (DeFi) protocol World Liberty Financial (WLFI) and the Official Trump (TRUMP) meme coin, while his Trump Media & Technology Group has partnered with Crypto.com to launch a cryptocurrency exchange-traded fund (ETF).
These projects themselves have also become sources of controversy, with the presidential meme coin facing insider trading allegations, later referred to by some as MEV bot activity. Furthermore, concerns have been raised regarding the World Liberty Financial USD (USD1) stablecoin and how it may complicate ongoing bipartisan legislative efforts in Congress regarding stablecoins.
This has led five Democratic senators to call for regulatory leadership to consider the potential conflicts of interest posed by the USD1 stablecoin. In early April of this year, California Congresswoman Maxine Waters suggested that Trump might be considering replacing the dollar with his stablecoin.
Related: The SEC chair nominee selected by Trump has passed committee review.
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