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A new U.S. Justice Department memo indicates a significant policy shift that may offer relief to cryptocurrency firms by easing enforcement actions against them. This change, contrasting with the previous administration's strict approach, focuses on prosecuting harmful practices rather than regulating the industry broadly, prompting concerns about potential misconduct among crypto platforms.
Coinbase has urged the U.S. Department of Justice to establish uniform federal regulations for cryptocurrency, arguing that conflicting state laws hinder innovation and harm consumers. The plea comes amid a lawsuit filed by Oregon against Coinbase for unregistered securities, despite the SEC dropping its own case against the exchange.
The U.S. Department of Justice has disbanded its National Cryptocurrency Enforcement Team, shifting its focus away from prosecuting crypto exchanges for regulatory violations toward criminal activities involving digital assets. This decision aligns with President Trump's executive order aimed at providing regulatory clarity for the crypto industry, marking a significant change in the DOJ's approach to digital asset enforcement.