DOJ ends crypto enforcement team, shifts focus to terrorism and fraud
Department of Justice Headquarters in Washington, D.C. on April 18, 2022.
Kent Nishimura | Los Angeles Times | Getty Images
The U.S. Justice Department abruptly shut down its National Cryptocurrency Enforcement Team, signaling a major shift in how the federal government will handle crypto-related crimes going forward, according to a memo sent Monday night by Deputy Attorney General Todd Blanche.
In it, Blanche outlines a decentralized approach in which U.S. attorney’s offices will now take the lead on digital asset cases, focusing primarily on crimes involving terrorism.
Going forward, the document said efforts would now focus on “prosecuting 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.”
The disbandment of the unit is the latest in a series of sweeping regulatory reversals under President Donald Trump, who made crypto-friendly policies a centerpiece of his 2024 campaign.
Established in 2022 under former President Joe Biden, the National Cryptocurrency Enforcement Team was tasked with addressing the illicit use of cryptocurrencies.
The unit played a central role in high-profile cases, including the investigation into Binance and its founder, Changpeng Zhao, who pleaded guilty in 2023 to violating U.S. anti-money laundering laws, resulting in a $4.3 billion settlement.
Prosecutors have been instructed to close ongoing investigations that do not align with the new priorities, according to the memo.
The DOJ also explicitly states it will not pursue enforcement against crypto exchanges, mixing and tumbling services, or offline wallets for the actions of their users or “unwitting violations of regulations” — marking a major departure from prior policy. Prosecutors are instructed not to charge violations of financial laws, such as unlicensed money transmission and unregistered securities offerings unless they can prove the defendant knew of the rules and willfully broke them.
This policy change aligns with Trump’s executive order advocating for open access to blockchain networks and reflects his administration’s broader support for easing regulations in the digital assets industry, in which he holds a personal stake.
Trump and his family have branched out into multiple crypto projects in the past year. One is a yet-to-be-launched, decentralized digital bank called World Liberty Financial, which has already sold $550 million in tokens. That venture sends 75% of profits to Trump-linked entities. The family also makes money from the Trump- and Melania-branded meme coins.
As part of the latest action, the Market Integrity and Major Frauds Unit will cease all cryptocurrency enforcement efforts.
The criminal division’s Computer Crime and Intellectual Property Section will continue to play a supporting role by providing guidance and training to Justice Department personnel and acting as a liaison to the digital asset industry.
The memo criticized past efforts to use criminal enforcement as a de facto regulatory tool for the cryptocurrency industry under the Biden administration. The Justice Department will narrow its focus to prosecute individuals who use digital assets to commit or facilitate serious crimes.
The Justice Department emphasized it will continue to investigate and prosecute digital asset-related crimes when they involve investor fraud or are used to support terrorism, human trafficking, cartel operations and cybercrime.
“Litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets” will no longer be pursued, the memo states, deferring that responsibility to financial regulators operating outside the criminal justice system.
The Justice Department did not immediately respond to CNBC’s request for comment.
Since taking office, the Trump administration has rapidly scaled back oversight, with the Securities and Exchange Commission pausing or abandoning several high-profile enforcement actions, and revoking a banking rule that blocked Wall Street banks from adopting crypto.
Despite the deregulatory shift, the digital asset market has plunged in the last month alongside equities. Bitcoin is trading at around $78,000, down from its all-time high near $110,000, and the wider crypto market has erased more than $1.2 trillion from its market cap since December.
Volvo Cars took the wraps off new-for-2026 S90 plug-in hybrid, calling the big sedan the most elegant and comfortable 90 yet, promising nearly 50 miles (80 km) of all-electric range and a comprehensive suite of high-end technology and design updates … but if you’re reading this in English, you probably can’t have one.
The updated Volvo S90 is still blinking into the spotlight, but there are already reports that Volvo Cars has decided against bringing the slick new sedan to the US. And Canada. And the UK. And … you get the idea.
That’s too bad, too – because the SPA S90 has always been a comfortable and capable performer. Alas, sedans aren’t selling, you could get whiplash trying to keep track of all the tariff news these days, and Volvo (like a lot of companies in 2025, frankly), no longer needs the English-speaking world to keep it profitable.
“The S90 is a key part of our product portfolio for the coming years in some of our Asian markets,” says Erik Severinson, Chief Product and Strategy Officer at Volvo Cars. “Together with the new fully electric ES90, the new S90 ensures we have a complete and attractive offering for customers who value safety and want to drive a large, sleek Volvo sedan.”
Invoking the electric-only ES90 EV is a key point here – and Volvo is pushing its marketing heavily into the idea that the PHEV version(s) of the face-lifted luxo-cruiser is “really” an EV, with press copy that reads:
As a plug-in hybrid, the new S90 is an electric car with a back-up plan. It offers 80 kilometers of fully electric range on a single charge under the WLTP testing cycle, while also providing more power when needed. This means that many S90 drivers will be able to do their daily commute with zero tailpipe emissions. Volvo Cars’ data shows that nearly half of the distance covered by the latest plug-in hybrid Volvo cars is powered purely by electricity.
There’s plenty to unpack there – not the least of which is whether or not the cars’ owners will ever actually plug them in. My personal experience with friends and neighbors who own T8/PHEV Volvos now would tell me that they’re more likely than, say, Jeep Wrangler 4xe owners to plug-in … but it hardly matters at this point.
The new S90 will be available to order for customers in China this summer, with selected other markets following later.
Check out some of the official press photos, below, then let us know whether or not you’ll miss seeing new S90s on English-speaking roads in the comments.
Volvo S90 photo gallery
SOURCE | IMAGES: Volvo Cars.
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On today’s fleet-focused episode of Quick Charge, we talk about a hot topic in today’s trucking industry called, “the messy middle,” explore some of the ways legacy truck brands are working to reduce fuel consumption and increase freight efficiency. PLUS: we’ve got ReVolt Motors’ CEO and founder Gus Gardner on-hand to tell us why he thinks his solution is better.
You know, for some people.
We’ve also got a look at the Kenworth Supertruck 2 concept truck, revisit the Revoy hybrid tandem trailer, and even plug a great article by CCJ’s Jeff Seger, who is asking some great questions over there. All this and more – enjoy!
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Thanks to Trump’s repeated executive order attacks on US clean energy policy, nearly $8 billion in investments and 16 new large-scale factories and other projects were cancelled, closed, or downsized in Q1 2025.
The $7.9 billion in investments withdrawn since January are more than three times the total investments cancelled over the previous 30 months, according to nonpartisan policy group E2’s latest Clean Economy Works monthly update.
However, companies continue to invest in the US renewable sector. Businesses in March announced 10 projects worth more than $1.6 billion for new solar, EV, and grid and transmission equipment factories across six states. That includes Tesla’s plan to invest $200 million in a battery factory near Houston that’s expected to create at least 1,500 new jobs. Combined, the projects are expected to create at least 5,000 new permanent jobs if completed.
Michael Timberlake of E2 said, “Clean energy companies still want to invest in America, but uncertainty over Trump administration policies and the future of critical clean energy tax credits are taking a clear toll. If this self-inflicted and unnecessary market uncertainty continues, we’ll almost certainly see more projects paused, more construction halted, and more job opportunities disappear.”
March’s 10 new projects bring the overall number of major clean energy projects tracked by E2 to 390 across 42 states and Puerto Rico. Companies have said they plan to invest more than $133 billion in these projects and hire 122,000 permanent workers.
Since Congress passed federal clean energy tax credits in August 2022, 34 clean energy projects have been cancelled, downsized, or shut down altogether, wiping out more than 15,000 jobs and scrapping $10 billion in planned investment, according to E2 and Atlas Public Policy.
However, in just the first three months of 2025, after Trump started rolling back clean energy policies, 13 projects were scrapped or scaled back, totaling more than $5 billion. That includes Bosch pulling the plug on its $200 million hydrogen fuel cell plant in South Carolina and Freyr Battery canceling its $2.5 billion battery factory in Georgia.
Republican-led districts have reaped the biggest rewards from Biden’s clean energy tax credits, but they’re also taking the biggest hits under Trump. So far, more than $6 billion in projects and over 10,000 jobs have been wiped out in GOP districts alone.
And the stakes are high. Through March, Republican districts have claimed 62% of all clean energy project announcements, 71% of the jobs, and a staggering 83% of the total investment.
A full map and list of announcements can be seen on E2’s website here. E2 says it will incorporate cancellation data in the coming weeks.
Read more: FREYR kills plans to build a $2.6 billion battery factory in Georgia
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