In Brief:
- Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team.
- Experts in money laundering and cybersecurity are expected to be part of the group
- Monaco also announced the creation of a civil cyber fraud initiative.
According to Reuters, the Department of Justice (DOJ) has launched a crypto crime-fighting team, the National Crypto Enforcement Team.
US Deputy Attorney General Lisa Monaco announced two new initiatives designed to crack down on cryptocurrency users and government contractors who fail to report cyberattacks.
These announcements came during a virtual speech at the Aspen Cyber Summit.
The National Crypto Enforcement Team will be charged with disabling financial markets that allow cybercriminals to “flourish” so as to improve the capabilities of the Justice Department.
Experts in money laundering and cybersecurity are expected to be part of the group. Team members will assist the DOJ with protecting consumers against financial crime online.
As cryptocurrency exchanges pursue becoming banks of the future, Monaco said, “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.”
Monaco further announced the creation of a civil cyber fraud initiative that will ensure that companies receiving federal funds are held accountable when they fail to meet recommended cybersecurity standards.
“For too long, companies have chosen silence under the mistaken belief that it’s less risky to hide a breach than to bring it forward and report it. That changes today” Said Monaco.
Cybercriminals attacked a major U.S. pipeline operator, causing localized gas shortages along the U.S. East Coast in May. In June, the US Justice Department seized $2.3 million in Bitcoin paid by Colonial pipeline hackers to resolve a ransomware attack. The incident led to new cybersecurity rules for pipeline owners in July.
