Crypto

Five US government agencies are creating a new cryptocurrency crime task force

The US government is finally taking crypto oversight seriously, but not for the betterment of the space

The cryptocurrency market in the US is currently showing a greater sensitivity towards regulation rather than toward crypto collapses, as witnessed in the past few weeks. This is despite the fact that the regulatory bodies are exerting their influence on the market. They appear to be unyielding and not willing to compromise, and a new task force could continue to disrupt the ecosystem.

A new crypto crime prevention agency was created when the Internal Revenue Service, the US Attorney’s Office, the Drug Enforcement Administration, the Postal Inspection Service and Homeland Security Investigations made a joint announcement on June 20. The formation of the Darknet Marketplace and Digital Currency Crimes Task Force aims to combat the rise of digitally-savvy criminals who take advantage of cryptocurrencies for illegal activities. The group is dedicated to putting an end to drug dealers and other criminals who operate on the darknet, which has become increasingly challenging due to their advanced technological skills.

It has been the case for a long time that various government agencies are tasked with dealing with distinct aspects of criminal behavior. Even so, these officials are a fundamental element of law enforcement in America, and their presence makes it easier to quell such transgressions.

In the past year, there has been a rise in regulatory exemptions, predominantly in June 2023, in response to regulatory demands. Binance and Coinbase, two of the major players in the cryptocurrency market, are facing a legal battle due to their alleged breach of security laws. The Securities and Exchange Commission (SEC) has taken action by filing a lawsuit against both of them.

This has left the crypto market susceptible to failure. Despite this, with authorities closely monitoring both illegal activities and security violations, the consequences will hopefully not be as severe as some of the recent drops.

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