On April 7, 2025, U.S. Deputy Attorney General Todd Blanche issued a memorandum titled “Ending Regulation by Prosecution” (Blanche Memo), outlining a new Department of Justice approach to digital asset enforcement. The Blanche Memo discusses the DOJ’s intent to focus its prosecutorial efforts away from crypto intermediaries and instead targeting “individuals who victimize digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing.” Further, the Blanche Memo emphasizes that “[t]he digital assets industry is critical to the Nation’s economic development and innovation,” and the memorandum is being issued pursuant to President Trump’s directive to “end the regulatory weaponization against digital assets.”

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