The U.S. Justice Department is disbanding its National Cryptocurrency Enforcement Team that targeted crimes involving digital coins and tokens.
In a memo that’s been made public, the Justice Department said it’s shifting its focus away from crypto cases that involve banking and securities laws and will no longer employ a team of prosecutors who focus solely on digital assets.
The disbanding of the crypto team is the latest effort by the Trump administration to bolster the cryptocurrency industry while undoing previous efforts to crackdown on those who perpetrate crimes using digital coins and tokens.
The disbandment of the team is seen as good news for Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies.
The Trump administration has also dialed back crypto enforcement efforts at the U.S. Securities and Exchange Commission (SEC).
The Justice Department has said that its current priorities are tackling illegal immigration, gangs, and drug crimes rather than crypto companies and entrepreneurs.
The National Cryptocurrency Enforcement Team was created under previous U.S. President Joe Biden.
The team targeted cryptocurrency exchanges and others “that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity.”
The Justice Department memo said that the National Cryptocurrency Enforcement Team’s disbandment is effective immediately.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $77,200 U.S.
