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The Trump Administration withdraws its application from cryptography regulations, dissolving a unit dedicated to the application of cryptocurrency
The Ministry of Justice has asked federal prosecutors to “no longer target virtual currency exchanges, mixing and tumbling services and offline wallets for the acts of their end users or involuntary regulations”, according to a memo by the US deputy examined by ABC News.
“The Ministry of Justice is not a regulator of digital assets,” said the note. “The National Crypto-Monnaies (NCET) law team will be dissolved to count immediately.”
The change is in accordance with the other pro-Crypto policies of President Donald Trump, including the directives of the Securities and Exchange Commission and the Commodity Futures Trading Commission to facilitate cryptographic regulations and the creation of a reserve of digital assets.
The note of the note of the prosecutor General Todd Blanche attacked the Biden administration, which, according to him, “used the Ministry of Justice to continue an imprudent regulatory strategy by proceedings, which was poorly designed and poorly executed”.
Blanche said that the Trump administration’s prosecutions and investigations involving the cryptography industry would focus on “people who victimized digital asset investors or those who use digital assets in pursuing criminal offenses such as terrorism, narcotics and human trafficking, organized crime, piracy gangs. “
The republican presidential candidate and former American president Donald Trump made gestures at the Bitcoin 2024 event in Nashville, tenn., July 27, 2024.
Kevin Wurm / Reuters, file
The memo suggests that the Ministry of Justice would no longer be interested in some of the largest cases of crypto deposited under the previous administration, notably Tornado Cash, which would have turned more than $ 1 billion, and the Pirate Avraham Eisenberg, which was sentenced in April 2024 to a market management case of $ 110 million. The two proceedings were brought by the American prosecutor’s office for the South New York district.
Blanche also seemed to criticize how the office has approached Sam Bankman Fried, who said that the previous administration orchestrated “one of the greatest financial fraud in American history”.
Blanche said that some investor victims had not been able to recover the value of their digital assets when fraud was perpetrated.
“The effect: the losses of digital investors of assets can be calculated at a value when the market of digital assets was at a lower point, and the victims who counted the risk of loss are not able to benefit from corresponding gains which occurred during or after the period when they were victims and would have otherwise possessed the asset,” said the note, adopting an argument put forward by investors disrupted has been returned. Blanche asked prosecutors to change their approach.
A spokesperson for the American lawyer’s office in Manhattan refused to comment.