The Department of Justice (DOJ) has issued a memo from DAG Todd Blanche signaling a move away from prosecuting mixers, exchanges, and offline wallets for their users' actions. The crypto community expressed enthusiasm, suggesting an end to regulatory overreach. However, analysts argue that the memo may not significantly alter the enforcement landscape, as service providers could still be held accountable if they knowingly facilitate criminal activities. Uncertainty remains regarding how the DOJ will define those who misuse digital assets.
While the memo reads that "the Department will no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations," there appears to be very little clarity as to whom the DOJ considers to "use digital assets in furtherance of criminal offenses" - individuals thereby excluded by the DAG's statements.
Did DOJ Bless A Crypto Free-For-All? Think Again," writes the industry publication Law360, read by over 2 million legal professionals around the world. "The platforms could still face enforcement actions if investigators uncover evidence that they knew customers were using digital assets to further transnational crime.
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