On April 7, 2025, Deputy Attorney General Todd Blanche issued a Memorandum titled, “Ending Regulation by Prosecution,” which outlines changes to the approach of the U.S. Department of Justice (DOJ) to digital assets and criminal enforcement. The stated goal of the Memorandum, which implements Executive Order 14178 (Strengthening American Leadership in Digital Financial Technology), is to effectuate President Trump’s directive that DOJ “end the regulatory weaponization against digital assets.”
In U.S. Department of Justice Curtails “Regulation by Prosecution” in Digital Asset Enforcement, colleagues Jeffrey J. Izant, David Oliwenstein and Alexis N. Wansac put the new policy in context and explain why, while the new policy represents a shift in the agency’s tone, the practical effect on digital asset prosecutions may be limited.