SafeMoon CEO: The weakening of the U.S. Department of Justice's enforcement on cryptocurrency should lead to its case being dismissed

In a letter to Judge Eric Komitee of the New York Federal Court on April 9, Braden John Karony, CEO of cryptocurrency company SafeMoon, cited an order from the U.S. Department of Justice (DOJ) no longer pursuing some cryptocurrency charges in an attempt to have the case against him and his company dismissed. Nicholas Smith, Karony's lawyer, said that the court should consider a memorandum issued by Deputy Attorney General Todd Blanche on April 7th which dissolved DOJ's Cryptocurrency Unit. The memo stated that "the DOJ is not a regulator of digital assets" and that it "will no longer engage in litigation or enforcement actions whose effect is to impose regulatory frameworks on digital assets." In addition, Blanche also instructed prosecutors not to charge violations of securities and commodities laws in cases where it would require the DOJ to determine whether digital assets are securities or commodities if there are other available charges such as wire fraud.