Biden Administration working on making it easy to confiscate crypto without criminal charges
Join Our Telegram channel to stay up to date on breaking news coverage The Biden Administration called for a dramatic expansion in the federal government’s ability to seize and keep cryptocurrency in a 61-page recent report by the US Attorney General. If passed, the proposed changes would strengthen both criminal forfeiture, which requires a conviction to permanently confiscate property, and civil forfeiture, which does not require a conviction or even the filing of criminal charges. Notably, the release of the report coincided with the announcement of a new Digital Asset Coordinator Network. More than 150 federal prosecutors will be trained on “drafting civil and criminal forfeiture actions” as part of this nationwide network. Because crypto is pseudonymous, it is sometimes assumed to be immune to government confiscation. The reality, however, is quite different. Last year, the United States Marshals Service—the custodians of Justice Department seizures...