FBI Abandons Pursuit of Cryptocurrency Scammers

Trump Administration Directs DOJ to Prioritize Cryptocurrency-Related Fraud Prosecutions

In a memo sent to the Department of Justice (DOJ) earlier this week, the Trump administration has instructed prosecutors to prioritize investigations and prosecutions related to cryptocurrency fraud, according to a report by The Verge.

The memo, which was obtained by The Verge, directs the DOJ to focus on cases involving the misuse of cryptocurrencies, such as Initial Coin Offerings (ICOs) and digital tokens. The memo also emphasizes the need for increased cooperation and information sharing between federal agencies and foreign authorities to combat cryptocurrency-related fraud.

The memo comes amid growing concerns about the potential for cryptocurrency-related fraud and the lack of clear regulations and oversight in the industry. The rise of cryptocurrencies like Bitcoin and Ethereum has led to an explosion of new investment opportunities, but it has also led to an increase in fraudulent activity, including Ponzi schemes and other forms of investment fraud.

The Trump administration's memo is seen as a significant development in the ongoing efforts to combat cryptocurrency-related fraud. The memo is the latest in a series of actions taken by the administration to address the issue of cryptocurrency fraud, including the creation of a new task force at the Financial Crimes Enforcement Network (FinCEN) to focus on cryptocurrency-related money laundering and terrorist financing.

The memo is also seen as a response to growing concerns about the lack of transparency and regulatory oversight in the cryptocurrency industry. Many critics have argued that the lack of clear regulations and oversight has created an environment in which fraudulent activity can thrive.

The memo's direction to prioritize investigations and prosecutions related to cryptocurrency fraud is seen as a significant step forward in addressing the issue. The memo's emphasis on increased cooperation and information sharing between federal agencies and foreign authorities is also seen as a key component in combating cryptocurrency-related fraud.

The memo's release comes amid growing scrutiny of the cryptocurrency industry, including concerns about the potential for market manipulation and the lack of clear regulations and oversight. The memo's direction to prioritize investigations and prosecutions related to cryptocurrency fraud is seen as a significant step forward in addressing the issue.

In a statement, a DOJ spokesperson said that the agency is committed to combating cryptocurrency-related fraud and will continue to work with other federal agencies and foreign authorities to address the issue.

The memo's release is seen as a significant development in the ongoing efforts to combat cryptocurrency-related fraud. The memo is the latest in a series of actions taken by the administration to address the issue of cryptocurrency fraud, including the creation of a new task force at FinCEN to focus on cryptocurrency-related money laundering and terrorist financing.