Did Bitcoin Get Riskier? Trump Admin Cuts Crypto Enforcement Team and Reduces Oversight

Crypto will have fewer eyes on some of its moving parts after today, particularly exchanges and offline, or cold, crypto wallets. President Donald Trump's administration announced Monday night in a memo that it's disbanding the National Cryptocurrency Enforcement Team, which was established in 2022 to combat cryptocurrency fraud. In 2023, crypto scams cost victims more than $5.6 billion, according to an FBI report. "The prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution, which was ill conceived and poorly executed," Deputy Attorney General Todd Blanche said in the memo. Trump previously said that he intends to make the US the "crypto capital of the world." It's worth noting that Trump and his family stand to make a lot of money from crypto, having launched his own TRUMP coin in January and having a 75% stake in crypto bank World Liberty Financial. By eliminating the NCET, cryptocurrency -- a sector ripe with scams and rug pul ... Read full article.