WASHINGTON—The Justice Department has unveiled two new enforcement initiatives aimed at targeting cryptocurrencies and government contractors who fail to report cyber breaches.
During a virtual speech at the Aspen Cyber Summit, U.S. Deputy Attorney General Lisa Monaco announced the launch of the National Cryptocurrency Enforcement Team, the objective of which will be to “strengthen” the capacity of the Ministry of Justice to deactivate the financial markets which allow cybercriminals to “flourish,” according to the DoJ.
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 have to make sure that people can have confidence when using these systems and we have to be prepared to eliminate the abuse,” Monaco said. “The aim is to protect consumers.”
Monaco also announced the creation of a civilian cyber fraud initiative, which “will use civilian enforcement tools to prosecute companies, those who are government contractors, who receive federal funds, when they fail to comply.”