Robert A. Schwinger DOJ's 'Cryptocurrency Enforcement Framework'
In his Blockchain Law column, Robert A. Schwinger discusses a new DOJ report which outlines the various uses of cryptocurrency, the various channels through which the DOJ will take enforcement action in regard to cryptocurrency, and the public safety challenges relating to enforcement against the illicit uses of cryptocurrency. The DOJ is sending a clear message that it will not hold back on enforcing the laws as they currently are written, and that it is well within DOJ's power to regulate criminal activity even where it involves a novel and developing area like cryptocurrency.
January 15, 2021 at 12:45 PM
11 minute read
Debates continue to swirl over how lightly or heavily cryptocurrency should be regulated. The interest in giving breathing room for an exciting new financial technology to grow and experiment often finds itself pitted against the interest in protecting the public from unscrupulous actors who may seek to exploit an area that is not always well understood and in which consensus may not yet exist about what laws are best suited for the area given the various competing interests. Questions also are raised about to what extent enforcement actions as opposed to other regulatory avenues should be employed as the means for protecting the public.
The U.S. Department of Justice (DOJ) has not been shy about staking out its position in this area, and its position is simple and direct: To the extent cryptocurrency-related activity may fall within the scope of existing laws as written, the DOJ intends to enforce those laws against persons who violate them.
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