FBI creates a new internal team to tackle the crypto industry. The National Cryptocurrency Enforcement Team (NCET) will be targeting crimes with the crypto industry.
“The NCET was established to ensure the department meets the challenge posed by the criminal misuse of cryptocurrencies and digital assets, and comprises attorneys from across the department, including prosecutors with backgrounds in cryptocurrency, cybercrime, money laundering, and forfeiture.” They stated within the press release.
The announcement was made at the Munich Cyber Security Conference with an additional press release on their website. Deputy Attorney General Lisa O. Monaco at the event and during a question and answering session she made her thoughts clear and direct about the crypto industry.
“I think we are sending a message that cryptocurrencies and virtual currencies should not be considered a safe haven,” she said.
This new initiative will be focused on key underlying infrastructures which make the crypto market elusive and attractive for criminals. These are mixers, tumblers, crypto exchanges, and ransomware which has been a key issue.
As of this writing, the news is circling that president Biden will give his executive order on the first steps of regulating the crypto industry as early as next week. It will be interesting to see how that goes.
This is not a bad approach from the FBI as it’s obvious that the industry cannot regulate itself. It’s been a crazy ride at this point with lots of gains for some and a large number of losses for others.
Despite their ambitious efforts, it will not be an easy task given the global reach of the crypto market. It will be taking a global initiative to reduce fraud within the industry.
