Bitcoin will cement its status as the new gold

Deputy Attorney General Lisa O. Monaco unveiled a new initiative against crypto crimes on October 6th: NCET.

October 6th quit the U.S. Department of Justice launched a new initiative that National Cryptocurrency Enforcement Team (NCET). The aim is to investigate and prosecute crimes in which cryptocurrencies have been and are used. Assistant Attorney General Kenneth A. Polite Jr. will oversee the NCET initiative. Under his leadership, various departments will bundle their specialist knowledge and experience with crypto currencies. However, the team will not only accompany criminal proceedings and help with clarification. Cryptocurrencies are also to be traced and restored.

Deputy Attorney General Lisa O. Monaco comments on the NCET initiative as follows in the U.S. Department of Justice notice:

Today we’re launching NCET to leverage the ministry’s cyber and money laundering expertise. In doing so, we can strengthen our ability to smash the financial institutions that enable criminal actors to thrive by abusing cryptocurrency platforms.

U.S. Assistant Attorney General Lisa O. Monaco

The department must adapt to technological progress, it said. This is the only way to prevent abuse on the relevant platforms. US Attorney General Polite adds:

The criminal justice department is already a leader in investigating and prosecuting criminal misuse of cryptocurrencies. The NCET institution will build on this leadership role. Because we will bundle and coordinate the specialist knowledge of the entire department in this constantly evolving area. Ultimately, we will investigate and prosecute fraudulent abuse, illegal money laundering and other criminal activities related to cryptocurrencies.

U.S. Assistant Attorney General Polite

Other purposes of NCET

In addition to pursuing its own cases, NCET will provide nationwide support for criminal proceedings. Other purposes include:

  • Investigate and prosecute cases to combat cryptocurrencies as an illegal tool.
  • Develop strategic priorities for investigations and law enforcement related to cryptocurrencies.
  • Develop and maintain relationships with state, local, and international law enforcement agencies.
  • Training and advising prosecutors and law enforcement agencies.
  • Better coordination and more efficient exchange of evidence to make cryptocurrency-related investigations more efficient.

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