Policy Shift and Focus Adjustments
The announced the disbandment of the National Cryptocurrency Enforcement Team, shifting focus away from complex crypto-related banking and securities law cases to a decentralized approach led by .
Deputy Attorney General Todd Blanche criticized the Biden administration's "regulation by prosecution" strategy, emphasizing a new direction targeting only those who exploit digital assets for criminal activities or defraud investors.
Industry and Advocacy Reactions
The crypto industry, which supported Trump's election, has long argued against the Biden administration's enforcement actions, viewing them as unjustly targeting innocent actors.
Advocacy groups like Coin Center welcomed the memo, arguing for a focus on actual criminals rather than developers of tools used by bad actors, highlighting a shift towards more supportive crypto regulation.