The United States Department of Justice (DOJ) announced Friday the launch of a nationwide network of prosecutors dubbed the Digital Assets Coordinator (DAC) network, which aims to combat the increasing rate of crypto crimes.
DOJ Launches DAC Network to Curb Crypto Crimes
The structure of the DAC network features 150 selected federal prosecutors from the U.S. Attorneys’ offices across the country and subsidiaries of the DOJ. Each member of the network will be addressed as a DAC.
The newly formed network is led by the department’s subsidiary, National Cryptocurrency Enforcement Team (NCET). Two other units have liaised with the DAC network in achieving its set goal.
They are the Computer Crime and Intellectual Property Section (CCIPS) and the Digital Currency Initiative of the department’s Criminal Division and Money Laundering and Asset Recovery Section (MLARS) respectively.
Roles of DAC Network
In a press release, the DOJ outlined in detail the responsibilities of the new watchdog, stating that it will become its “primary forum for prosecutors to obtain and disseminate specialized training, technical expertise, and guidance about the investigation and prosecution of digital asset crimes.”
The new regulatory body will also be responsible for providing information and discussing matters concerning trends in the crypto industry, such as decentralized finance (DeFi), smart contracts, and platforms featuring crypto tokens. More importantly, the watchdog will be concerned about their use in facilitating criminal activities.
“The DAC Network will likewise raise awareness of the unique international considerations of the crypto ecosystem, including the benefits of leveraging foreign relationships and the challenges of cross-border digital asset investigations,” the statement added.
DOJ’s Report on Ensuring Development of Digital Assets
DOJ’s latest action is part of a larger effort made by the Biden administration in its release of a set of frameworks to develop the digital asset ecosystem.
In its report, the department proposed actions that will bolster “law enforcement’s ability to gather evidence and initiate prosecutions,” and improve certain laws concerning digital assets as well as the penalization of defaulters.
Meanwhile, other regulatory bodies have taken steps to combat the spread of crypto crimes. Last month, the U.S. Treasury Department sanctioned the use of crypto mixer Tornado Cash in the country as it has served as a key tool for crypto hackers.
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