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AIBC

US DOJ beefing up crypto legal sector

Posted: Jun 26, 2021 07:00 Category: Crypto , Regulatory , Posted by
Stanley Yin

The US Department of Justice (DOJ) is recruiting an attorney who will be tasked in taking on cases involving cryptocurrencies

This moves comes as a part of the DOJ’s added effort in monitoring the crypto market since it is known to be targeted by criminal groups.

The opening has been made available since June 23rd, according to a notice published and it will see the position fall under its digital currency initiative which has been gaining pace due to the rapid rise of crypto and blockchain.

The individual taking this role will be part of the Trial Attorney for the Digital Currency Initiative.

The position specs

The position will involve great responsibility as the attorney will have to:

“identify unexploited opportunities to target for criminal prosecution the professional money launderers, money transmitters, gatekeepers, and financial institutions.”

Moreover, their responsibilities will not stop here as they will also have to be responsible for coordinating national and international money laundering and forfeiture.

DOJ vs hackers

The DOJ recently took on the Darkside hacking group, recovering a large portion of the bitcoin ransom that was paid after they attacked the Colonial Pipeline Infrastructure.

This specific incident is the one that spurred on the DOJ’s push to focus on crypto and it is also the main reason behind a new attorney joining their digital focused team.

US initiatives

This DoJ initiative to beef up their legal sector is one of the many actions US is taking to broaden its plan to regulate the cryptocurrency market. There is fear among US Senators & legislators that crypto is not living up to its expectation, resulting in Elizabeth Warren (US Senator & pictured below) to push for CBDCs as they pose as a better option than private crypto.

Elizabeth Warren - AIBC
The year 2021 saw crypto skyrocket in popularity with many joining the wave. The boom in the market has raised concerns worldwide with many nations scrambling to regulate the crypto market, something that is expected to be improved later during the year.

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