Key Takeaways:
- The administrative division of the U.S federal government appoints a new Director.
- The primary mission of NCET is to keep the use of cryptocurrencies and digital assets within the country in check.
On Thursday, the Justice Department announced that Eun Yong Choi, an experienced prosecutor, had been appointed as the first director of the National Cryptocurrency Enforcement Team (NCET).
The NCET was established to facilitate the Justice Department in addressing challenges that misuse of cryptocurrencies and other digital assets poses. From now on, the team will also be responsible for identifying, investigating, and seeking cases similar to the former with a specified focus on transactions, blending and tumbling services, infrastructure providers, and other bodies that help fund criminal activities.
Related read: Fed’s New Rules: Senior Officials Won’t be Allowed to Trade Stocks, Crypto
Though NCET has not planned any strategic action but is in talks with other departments and international partners, it will also help upgrade the Criminal Division’s current ventures that include facilitating training and providing support to “federal, state, local, and international law enforcement”. This will help to “aggressively investigate and prosecute serious crimes involving cryptocurrency and digital assets in the United States and around the world.”
Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division said, “With the rapid innovation of digital assets and distributed ledger technologies, we have seen a rise in their illicit use by criminals who exploit them to fuel cyberattacks and ransomware and extortion schemes; traffic in narcotics, hacking tools and illicit contraband online; commit thefts and scams, and launder the proceeds of their crimes.”
Related read: FBI to Formulate a New Digital Currency Unit
Newly appointed Director Choi said, “The department has been at the forefront of investigating and prosecuting crimes involving digital currencies since their inception.” “The NCET will play a pivotal role in ensuring that as the technology surrounding digital assets grows and evolves, the department in turn accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds. I am excited to lead the NCET’s incredible and talented team of attorneys and to get to work on this important priority for the department. I would like to thank Assistant Attorney General Polite and the Criminal Division’s leadership for this opportunity.”
