US Department of Justice is looking to employ a crypto attorney

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Baku, Azerbaijan - September 14, 2020: Two sides of a Bitcoin. Isolated on white white background.

The US Department of Justice (DoJ) is trying to find a blockchain and crypto-savvy attorney for its Criminal Division. The agency unveiled this news through an official notice on June 21, noting that the attorney would occupy a permanent position in its Money Laundering and Asset Recovery Section (MLARS). Reportedly, the person that manages to secure this position will serve as a trial attorney for the Digital Currency Initiative in the Special Financial Investigations Unit of MLARS.

According to the notice, applications for the positions will go on until July 19, and the incumbent of this position will get an office in the outskirts of Washington DC. Taking on this role will involve serving as an expert on digital currency and blockchain technology for the Criminal Division. 

Additionally, the person will have to work hand in hand with US Attorney Offices Department components and investigative agencies that are involved in digital currency investigations to create a comprehensive, nationwide strategy that facilitates the seamless exchange of information and evidence. The same strategy should also be able to coordinate investigative actions, indictments, arrests, forfeiture actions, and prosecutions.

Increasing efforts to regulate the crypto sector

This news comes as US regulators and lawmakers continue working to find the best approach to regulate the nascent asset class. Reportedly, the recruitment of the attorney is part of the many initiatives that the Biden Administration has started to rein in the crypto industry. However, the volatility of the crypto market is proving to be a behemoth of a concern.

Per Senator Elizabeth Warren, cryptocurrencies have become a fourth-rate alternative to real currencies. Speaking during a recent Senate hearing on Central Bank Digital Currencies (CBDCs), Warren pointed out that crypto assets had failed to deliver on their promise to address the inefficiencies of traditional banks, adding that their volatility makes them a lousy means to purchase goods or services. Advocating for the US to take a similar stance on crypto as China, Warren said she preferred CBDCs to private cryptos.

Reportedly, the White House is also assessing potential gaps in crypto regulation by studying whether the coins facilitate illicit and terrorist activities. The government is also trying to figure out whether it should introduce regulations that protect average retail investors looking to buy into the crypto market.

Despite all these efforts, the US government might take a while before it can come up with effective crypto regulations. According to a report in May, US financial watchdogs believe it is too early to determine whether the crypto sector can indeed be regulated. 

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