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DOJ Crypto Enforcement Memo Has No Bearing on Do Kwon’s Criminal Case, Prosecutors Say

NEW YORK, NY — A recent U.S. Department of Justice staff memo dismantling the DOJ’s crypto unit and narrowing the scope of its crypto-related enforcement priorities will have no impact on the prosecution of Terraform Labs co-founder and former CEO Do Kwon, prosecutors said Thursday. The memo, sent Monday evening by U.S. Deputy Attorney General Todd Blanche, informed staff that the DOJ would no longer be pursuing prosecution against crypto exchanges, mixing services, or offline wallets for the acts of their end users. Blanche told staff not to criminally charge any violations of federal securities or commodities laws, except under specific circumstances, in cases where the charges would “require the [DOJ] to litigate whether a digital asset is a ‘security’ or a ‘commodity’” and there is an adequate alternative criminal charge. During a hearing on Thursday, U.S. District Court Judge Paul Engelmayer of the Southern District of New York (SDNY) asked prosecutors whether Blanche’s memo would have any impact on the charges against Kwon, which include two counts of commodities fraud and two counts of securities fraud, as well as five other charges including wire fraud and conspiracy to defraud. The prosecution told Engelmayer that they have “no plans” to change their charges against Kwon at this time. David Patton, Kwon’s lead attorney and a partner at Hecker Fink LLP, told Engelmayer that the contents of Blanche’s memo could — at least indirectly — lead to some pre-trial motions from the defense. “I do think it could potentially be the subject of some pre-trial motions,” Patton said. “It may or may not be directly related to the memo.” Patton specified that the questions of whether the cryptocurrencies involved in the case were securities or not could be relevant. In a separate civil case brought by the U.S. Securities and Exchange Commission (SEC) against Kwon and Terraform Labs last year, in which Kwon and his company were found to be liable for fraud , another SDNY judge found that the tokens involved in the case were, in fact, securities. During Thursday’s hearing, Engelmayer told both the prosecution and the defense to inform him well in advance of the trial if they planned to request that he adhere to any of the rulings or findings made by the court in the SEC case. The next batch of pre-trial motions are expected to hit the docket in July, and a third status conference has been scheduled for June 12 at 11 a.m. in New York. Due to scheduling challenges, the start date for Kwon’s criminal trial has been pushed back three weeks from January 26, 2026 to February 17, 2026. Read more: Do Kwon’s Criminal Trial Set for 2026 as Lawyers Deal With ‘Massive’ Trove of Evidence Decrypt

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US Senate Approves Paul Atkins as New SEC Chairman

The U.S. Senate has officially confirmed Paul Atkins as the new Securities and Exchange Commission (SEC) chair. This is after his nomination was cleared in a 52-44 Senate vote on Wednesday, April 9. Details From The Confirmation The confirmation of the former Wall Street consultant comes after U.S President Donald Trump named him to lead the agency in December of last year. “We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” said the financial watchdog’s commissioners in a statement. Senate Banking Committee Chairman Tim Scott expressed confidence that Atkins would continue the SEC’s crypto-friendly approach under the Trump administration. He added that his experience would help roll back Biden-era policies, boost capital formation, support retail investors, and bring regulatory clarity to digital assets to keep U.S. markets competitive. Senator Cynthia Lummis voiced similar support, expressing confidence that his leadership would improve rulemaking for the crypto industry. Atkins is set to replace Mark Uyeda, who has been serving as the acting SEC chair since January 20 following the resignation of Gary Gensler. Since Gensler stepped down in January 2025, under Uyeda, the SEC has eased its approach to crypto enforcement. The agency has closed multiple investigations involving crypto firms, formed a Crypto Task Force, and reversed several previous rules that had imposed restrictions on digital assets. A Crypto-Friendly Approach Atkins is expected to adopt a more favorable stance on crypto regulation in line with the Trump administration’s efforts to lower regulatory hurdles and strengthen the domestic digital asset industry. In a testimony before the Senate Banking Committee last month, the 66-year-old named the creation of a digital asset regulatory framework as a “top priority.” He criticized the existing lack of clear guidelines, arguing it causes confusion and suppresses innovation. The official also committed to working with Congress and SEC commissioners to build rules that balance investor protection with innovation. The new chair also brings extensive experience in the crypto space. He founded Patomak Global Partners in 2009, a consultancy whose clients include traditional banks, crypto exchanges, and DeFi platforms. From 2017 to 2024, he co-led the Token Alliance, which advocated for crypto-friendly policies. He also served as an SEC Commissioner from 2002 to 2008. The post US Senate Approves Paul Atkins as New SEC Chairman appeared first on CryptoPotato . Decrypt