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As revealed recently, major regulatory firms have been planning to work harder in order to prosecute individuals and firms that possess dodgy dealings with digital assets. Enforcement officials from the United States Department of Justice (DoJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) discussed the matter at the annual Institute of American Bar Association on white-collar crime in Miami on October 27.
US DoJ Officials Discusses Matters Related to Crypto Prosecutions
It has come to notice that a group of high-level US government attorneys has outlined their preferences for the enforcement and prosecution of individuals and companies that have committed crimes related to crypto.
In accordance with the report by Law360, lawmakers along with the corporate players are taking a deeper look at individuals.
Also, Nicholas McQuaid, the Principal Deputy Assistant Attorney General of the Criminal Division of DoJ, released a statement in relation to the prosecution of individuals in white-collar cases that was a top priority.
In addition to this, it should be noted that the department was spreading its usage of>DoJ is forming a group within the FBI to operate with its fraud section to help with the investigations and prosecutions.
Gurbir Grewal, the Enforcement Director of the SEC, commented on the soared scrutiny of the agency that said:
“We'll make sure that those players and actors are abiding by the rules. That's why we'll be taking a hard look at gatekeepers like auditors and audit firms, attorneys, and underwriters.”
Acting Director of Enforcement Concerned About Digital Assets and Defi
Vincent McGonagle, the Acting Director of Enforcement for the CFTC, said that he was also concerned about digital assets and the Decentralized Finance (Defi) sector. He noted:
“In the digital asset space, we've brought several actions against entities where they're offering digital assets, Bitcoin or others on a margin or finance basis.”
Along with this, it should be laid an emphasis on that the lawmakers urged the SEC and CFTC to create a joint working group on crypto assets so that they could work out how to utile their present jurisdiction cooperatively effectively.