The Biden ‐​Cryptocurrency Reports: Part 2, The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets

Nicholas AnthonyThe reports mandated by President Biden ’s Marchexecutive order are here and seek to offer a comprehensive framework for the responsible development of digital assets (commonly known as cryptocurrencies). Asnoted early after the release, however, many of the items were left to be determined. But that doesn ’t mean that the reports should be ignored. This series of blog posts will tease out some of the subtler points from each of the reports released on Friday.Recommendations from the U.S. Department of JusticeThe second report, “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets, ” came from the U.S. Department of Justice (DOJ). And as the name suggests, the DOJ was tasked with identifying how to improve the ability of law enforcement to combat cryptocurrency‐​related crimes (Section 5(b)(iii) ofExecutive Order 14067).The recommendations (listed below) largely fell into the following categories: aiding prosecutions (1 –5), aiding investigations (6, 7, 10, and 11), expanding penalties for cryptocurrency‐​related crimes (8 and 9), and expanding the resources available for government employees (12):Make it illegal for cryptocurrency services to notify customers when the government seeks their records.Double or triple the maximum years of imprisonment and maximum fines for operating an unlicensed money transmitting business.Add cryptocurrency payment methods to laws governing ...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs