Crypto Currents: DOJ forms National Cryptocurrency Enforcement Team
DOJ announces crypto enforcement team as U.S. Bank launches crypto custody services
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
DOJ ANNOUNCES CRYPTO ENFORCEMENT TEAM: Deputy Attorney General Lisa Monaco announced Wednesday the creation of a National Cryptocurrency Enforcement Team, to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors. The agency said, “Under the supervision of Assistant Attorney General Kenneth Polite Jr., the NCET will combine the expertise of the Department of Justice Criminal Division's Money Laundering and Asset Recovery Section, Computer Crime and Intellectual Property Section and other sections in the division, with experts detailed from U.S. Attorneys' Offices. The team will also assist in tracing and recovery of assets lost to fraud and extortion, including cryptocurrency payments to ransomware groups.” "Today we are launching the National Cryptocurrency Enforcement Team to draw on the Department's cyber and money laundering expertise to strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish - and quite frankly to profit - from abusing cryptocurrency platforms" said Deputy Attorney General Monaco. "As the technology advances, so too must the Department evolve with it so that we're poised to root out abuse on these platforms and ensure user confidence in these systems."
U.S. BANK LAUNCHES CRYPTO CUSTODY SERVICES: U.S. Bank (USB) announced Tuesday that its cryptocurrency custody services are now live and available to their Global Fund Services clients. The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for bitcoin, with additional coin support coming soon. NYDIG, a technology and financial services company dedicated to Bitcoin, is the first crypto sub-custodian announced in the bank’s network of providers. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” said Gunjan Kedia, vice chair, U.S. Bank Wealth Management and Investment Services. “Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.”
To see the rest of the story Click Here.