U.S. DOJ to Create ‘National Cryptocurrency Enforcement Group’

The U.S. Department of Justice (DOJ) will create ‘National Cryptocurrency Enforcement Group’, intended to bolster the agency’s ability to combat financial markets that enable cybercriminals to thrive. The announcement was made by Deputy Attorney General Lisa Monaco, according to Reuters.

The group will include experts in anti-money laundering and cybersecurity.

“Cryptocurrency exchanges want to become the banks of the future, so we must be sure that people can trust the systems they use, and we must be ready to curb abuses. The bottom line is protecting consumers,” Monaco said at the virtual Aspen Cyber Summit.

The statement came a year after the DOJ published its ‘enforcement framework’ for cryptocurrencies. The Justice Department noted the potential of digital assets and blockchain technology, but stressed that its implementation would require addressing existing threats.

Monaco also announced the launch of an initiative to monitor government contractors receiving federal funds. Its aim is to pursue companies that do not meet the recommended cybersecurity standards.

In 2021, several major American companies were subjected to ransomware attacks. In this context, the Biden administration named tracking cryptocurrency transactions as one of the possible means of fighting ransomware operators.

In September, The Wall Street Journal reported that U.S. authorities are preparing a series of measures aimed at cracking down on cryptocurrency payments to hackers behind such virus attacks. The administration plans to limit access to this form of payment.

Earlier, Biden said he intended to hold a meeting with representatives from 30 countries devoted to joint efforts to combat cybercrime and the illicit use of digital assets.

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