Former SEC enforcement veteran, John Reed Stark, recently raised eyebrows with pointed critique regarding scarcity of action from US Department of Justice (DOJ) in crypto-related cases
had dismissed such allegations as"super lame," likening them to"manufactured parking tickets." Meanwhile, Coinbase and Binance treat their charges as"badges of honor," Stark notes.
The former SEC official explained that the SEC, primarily being a civil enforcement agency, can only impose so much restraint. Without the looming possibility ofPotential fraud charges against BinanceBinance , the world's largest cryptocurrency exchange. However, federal prosecutors are wary of the potential repercussions, such as market instability and consumer fallout, that might ensue from a possible indictment and are exploring alternative resolutions like fines or non-prosecution agreements.
Meanwhile, the Justice Department is restructuring its National Cryptocurrency Enforcement Team , aiming to reinforce its capability to handle the increasing volume of cryptocurrency-related investigations. This move will see NCET becoming a permanent segment, focusing on computer-related crimes within the department's criminal division.
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