The Department of Justice (DOJ) is launching a new team to fight crypto-crime, the National Cryptocurrency Enforcement Team, according to a report by Reuters.
- Speaking at the Aspen Cyber Summit on Wednesday, Assistant Attorney General Lisa Monaco announced the formation of the new team, which will include anti-money laundering and cybersecurity experts.
- The team will focus on helping the DOJ better protect consumers from online financial crime, according to the Reuters article.
- “Cryptocurrency exchanges want to be the banks of the future. Well, we have to make sure that people have confidence when using these systems and we have to be ready to root out abuse, ”Reuters quoted Monaco as saying. “It’s about protecting consumers.”
- Monaco also announced the formation of an initiative that will focus on civil cyber fraud.
- This initiative will take enforcement action against companies that receive government funding for failing to follow government recommendations on cybersecurity standards.
- The DOJ did not immediately respond to requests for comment.
This is a developing story and will continue to be updated.