US Department of Justice to Heighten Vigilance on Crypto Sector Following Accusations Against FTX CEO Sam Bankman

Following the persecution of FTX CEO Sam Bankman-Fried, Assistant U.S. Attorney General Lisa Monaco will prepare for cryptocurrency enforcement efforts with a 25-member national team. Monaco said the department is already pursuing the criminal case against Fried and his associates in the FTX Trading Ltd stock investor scam case.

She said following the arrest of the FTX CEO, the Department of Justice began building expertise in all 93 U.S. law firms and is coordinating those efforts through a nationwide team of 25. members responsible for the application of crypto-currencies. He will soon notify the Securities and Exchange Commission (SEC) which has a dedicated crypto enforcement team related to these efforts.

Monaco pointed out that the department is also working to tackle corporate crimes that can be committed by illegally funneling cryptocurrencies into these sectors. She said the department is monitoring the possible exploitation of the volatile crypto and technology market for ransomware, illicit purposes, money laundering and deceptive investors.

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The Department of Justice has also been investigating, leading crypto exchange, Finance for its role in illegal transactions worth $10 billion.

The US Department of Justice oversees digital asset markets, as digital assets are not yet overseen by a market regulator in the US. They can enforce existing laws to combat fraud and money laundering involving digital assets.


  1. What was the criminal charge against FTX CEO Sam Bankman-Fried?
    Fried was accused of deceiving and defrauding nearly 90 US-based investors about the exchange and misusing their funds worth $1.8 million in undisclosed risky investments. , lavish real estate purchases and major political donations.
  2. Does the United States have dedicated crypto regulations?
    No, the United States does not yet have dedicated crypto regulations. However, the government has set the guidelines on the operation of cryptocurrency in the country. Various regulatory bodies such as the SEC, Financial Stability Board (FSB), and Treasury, among others, work in tandem to guide crypto companies and protect consumers from fraud.

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