The United States Department of Justice (DOJ) announced on Friday the formation of a statewide network of prosecutors known as the Digital Assets Coordinator (DAC) network, which seeks to fight the rising incidence of crypto-related crimes.
The DAC network is comprised of 150 chosen federal prosecutors from U.S. Attorneys’ offices around the nation and DOJ companies. Each network member will be referred to as a DAC.
National Cryptocurrency Enforcement Team, a division of the agency, directs the newly created network (NCET). Two other units collaborated with the DAC network to accomplish its objective.
The Computer Crime and Intellectual Property Section (CCIPS) and the Digital Currency Initiative of the Criminal Division and the Money Laundering and Asset Recovery Section (MLARS) are their respective names.
In a press release, the Department of Justice outlined the duties of the new watchdog, stating that it will serve as the “primary forum for prosecutors to obtain and disseminate specialized training, technical expertise, and guidance regarding the investigation and prosecution of digital asset crimes.”
The new regulatory organization will also be responsible for disseminating information on and addressing crypto industry developments, such as decentralized financing (DeFi), smart contracts, and platforms using crypto tokens. Moreover, the watchdog would be worried about their usage in criminal activity facilitation.
“The DAC Network will also promote understanding of the specific international concerns of the crypto ecosystem, such as the advantages of leveraging foreign partnerships and the difficulties of cross-border digital asset investigations,” the statement said.
The most recent DOJ move is part of a wider attempt by the Biden administration to promote the digital asset ecosystem via the introduction of a set of frameworks.
In its report, the agency advocated changes that would boost “law enforcement’s capacity to acquire evidence and commence prosecutions” as well as tighten legislation pertaining to digital assets and penalties for defaulters.
In the meanwhile, various regulatory authorities have taken measures to fight the proliferation of crypto crimes. As a significant tool for crypto hackers, the U.S. Treasury Department banned the use of the cryptocurrency mixer Tornado Cash in the nation last month.