US Justice Department Issues Enforcements On Cryptocurrencies

US Deputy Attorney General unveiled two new Justice Department enforcement initiatives aimed at cryptocurrencies which fail to report cyber frauds

US Deputy Attorney General Lisa Monaco on Wednesday unveiled two new Justice Department enforcement initiatives aimed at targeting cryptocurrencies and government contractors who fail to report cyber breaches.

Ms Monaco announced on Wednesday, during a virtual speech at the Aspen Cyber Summit, the launch of the National Cryptocurrency Enforcement Team, whose goal will be to "strengthen" the Justice Department's ability to disable financial markets that allow cybercriminals to "flourish."

The group will include a mix of anti-money laundering and cybersecurity experts.

"Cryptocurrency exchanges want to be the banks of the future, well we need to make sure that folks can have confidence when they're using these systems and we need to be poised to root out abuse," Ms Monaco said. "The point is to protect consumers."