U.S Government Attorneys Turn On the Heat, To Deliver More Crypto Prosecutions

Some high ranking U.S government attorneys have come together, looking to prioritize the enforcement and prosecution of private individuals as well as businesses who may be linked with crypto-related crimes.

On October 27,  enforcement officials from the U.S. Department of Justice (DoJ), Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC), met at a panel discussion at Miami to discuss the approach their agencies would take in dealing with white collar crime.

As reported by Law360, the eagle eyes of the lawmakers will not only be on corporate players, as they will be taking a closer look at individuals as well. Nicholas McQuaid, the principal deputy assistant attorney general of the DoJ’s Criminal Division, has also confirmed that the prosecution of individuals in white-collar cases is now a top priority.

U.S Government Attorneys Ramping Up Activity Against Crypto Companies and Individuals

Working hand in hand with the FBI, the DoJ is expanding its use of data-based probes in cases relating to cryptocurrencies.

SEC Enforcement Director Gurbir Grewal, has also remarked that the agency is now on high alert for unregistered and shady looking initial coin offerings (ICOs), fraudulent crypto lending and awards programs, and unregistered crypto exchanges. He reiterated that they’ll ensure that those players and actors are abiding by the rules.

Recall that in early September, the SEC threatened to sue Coinbase for its planned lending service. We also reported that the SEC targeted Terraform Labs CEO Do Kwon with a subpoena in September.

Also, the DoJ filed criminal charges against BitMEX executives in October 2020, for illegally operating a derivatives exchange, with the trial having already been set for March 2022.

Vincent McGonagle, the acting director of enforcement for the CFTC, have also expressed his concerns about the digital assets and the decentralized finance (DeFi) sector.

On Oct. 18, the New York Attorney General’s office ordered crypto lending firms to cease activities.

Now it’s clear that the U.S government attorneys through their agencies, are clearly ramping up activity against crypto companies and individuals.