US Department of Justice Tightens Cryptocurrency Rules
Deputy Attorney General Lisa Monaco said the US government will be actively involved in law enforcement action against entities using cryptocurrencies for money laundering and other cybercrimes.
Speaking at the Aspen Institute Cyber Summit on Wednesday, Lisa Monaco said the Justice Department has launched a National Cryptocurrency Enforcement Group. This project aims to find platforms that help criminals launder or hide their criminal proceeds.
She added that there is a need to strengthen the ability to dismantle the financial ecosystem that allows criminal actors to thrive and make illicit profits.
“We’re going to do this with the help of our cyber experts, cyber prosecutors and money-laundering experts. Cryptocurrency exchanges want to be the banks of the future. We need to make sure that people can be confident that they are using these systems, and we need to be sure that we are ready to root out abuses that can affect them,” said Monaco.
The deputy attorney general also announced a civil cyber fraud initiative to target government contractors who do not report violations and do not comply with security standards.