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ARTICLE · 08 DECEMBER 2020

DOJ's Evolving Framework For Cryptocurrency Enforcement

Latham & Watkins LLP
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US Department of Justice's sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation.

United StatesTechnology
Yvette D. Valdez
Yvette D. Valdez
Stephen P. Wink
Stephen P. Wink
Deric Behar
Deric Behar
Susan E. Engel
Susan E. Engel
Miles P. Jennings
Miles P. Jennings
Benjamin A. Naftalis
Benjamin A. Naftalis
Douglas K. Yatter
Douglas K. Yatter

On October 8, 2020, the US Attorney General's Cyber-Digital Task Force of the Department of Justice (DOJ) published an extensive white paper, titled Cryptocurrency: An Enforcement Framework (the Report). The Report gives a detailed overview of legitimate uses of cryptocurrencies, the risks of illicit cryptocurrency activity, and related federal enforcement challenges and response strategies.

Attorney General William P. Barr's remarks announcing the Report highlighted the regulatory balance between supporting innovation and prosecuting abuse: "Cryptocurrencies and distributed ledger technology present tremendous promise for the future, but it is critical that these important innovations follow the law." Insofar as the Report provides a roadmap of the DOJ's priorities for cryptocurrency enforcement, all market participants in the cryptocurrency space should be aware of its contents and the government's evolving expectations for risk management and controls.

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