The Trump administration has discontinued the National Cryptocurrency Enforcement Team (NCET), marking a significant policy shift in its approach to cryptocurrencies. This decision, driven by President Trump’s emphasis on regulatory clarity and innovation within the sector, will see the DOJ prioritize criminal prosecution of scams, fraud, and market manipulation instead of focusing on regulating the industry. 2021 saw the creation of NCET under the Biden administration, tasked with tackling high-profile crypto crimes like those involving Tornado Cash and Avraham Eisenberg, and investigating North Korean cybercriminals using cryptocurrencies for money laundering. Deputy Attorney General Todd Blanche has criticized the previous approach of “regulation by prosecution” and emphasized that DOJ should focus on law enforcement rather than being a digital asset regulator. President Trump’s January 2025 executive order on digital assets further reinforced this shift in direction. This order seeks to provide regulatory clarity and promote crypto-friendly policies, creating the President’s Working Group on Digital Asset Markets under David Sacks. Other agencies like SEC and CFTC are now reviewing their previous crypto oversight strategies, with actions like clarifying stablecoin classification and the OCC rolling back restrictions on bank participation in crypto activity.