US Department of Justice Announces New Cryptocurrency Enforcement Framework

The United States Department of Justice (DOJ) has released a new Cryptocurrency Enforcement Framework which consists of certain guidelines related to the cryptocurrency sector. This cryptocurrency framework has been published by William P. Barr the Attorney General of the US Department of Justice on October 8, 2020. This framework basically presents an overview of crimes and threats that are associated with cryptocurrency, how law enforcement is making efforts for combating these threats and challenges that the government is encountering in the crypto enforcement.

Three Parts of the Document

Reportedly, the 83-page document entitled “Cryptocurrency: An Enforcement Framework” basically consists of three parts. The first part deals with the crimes and emerging threats associated with the cryptocurrency industry. While presenting the overview of threats, the framework outlines three different categories in which the illegal use of digital currencies can occur. These include financial transactions, money laundering, and crimes like thefts.

In the second part, the framework provides an overview of the efforts and preparations that the government is making for tackling these illicit activities happening in the cryptocurrency ecosystem. It explores different regulatory tools that the government and law enforcement agencies have for confronting these threats emerging in the cryptocurrency ecosystem. In the end, there is the third part that focuses on outlining challenges faced by the law enforcement agency and government in crypto enforcement. This part talks about the plans of the government that it has for controlling the illicit cryptocurrency activities in the near future.

Commenting on this, the Attorney General William P. Barr said that it is crucial to ensure the safety of cryptocurrency as this technology might change the way individuals interact with each other, and also it can be helpful in organizing the society. The Attorney General also thanked the Cyber-Digital Task Force for publishing this comprehensive cryptocurrency enforcement framework.

The acting Assistant Attorney General for the Criminal Division and a member of the Task Force, Brian C. Rabbitt said that blockchain technology and cryptocurrencies are crucial as they can offer a promising future. Therefore, it is necessary that they should follow proper regulations and laws.

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