The U.S. DOJ Are To No Longer Enforce Crypto Crimes [Read It And Eat 08-04-2025]

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Major Headlines

• U.S. Justice Department Shuts Down Crypto Enforcement Unit

  The U.S. Department of Justice has disbanded its National Cryptocurrency Enforcement Team (NCET), according to an internal memo shared with department staff. First reported by Fortune, the announcement came from Deputy Attorney General Todd Blanche, who stated that the unit would cease operations immediately. Blanche emphasized that the DOJ is no longer responsible for regulating digital assets and noted the decision aligns with the Trump administration’s broader support for the cryptocurrency sector. He criticized the previous administration’s approach to digital asset enforcement, describing it as a “reckless strategy of regulation by prosecution.”

  Moving forward, the DOJ will shift its focus to prosecuting individuals who use digital assets for criminal purposes, including fraud, terrorism, organized crime, hacking, and human trafficking. However, the department will no longer actively pursue cases against crypto exchanges, wallets, or mixing and tumbling services. Blanche instructed staff to close ongoing cases that no longer align with the department’s new strategy.

  The NCET was originally launched under the Biden administration and included prosecutors from the DOJ’s money laundering and cybercrime divisions, along with attorneys from various district offices. Its closure reflects a broader rollback of crypto-related regulatory efforts under the Trump administration. Bloomberg

  
  

• Trump’s Tariffs Rattle Global Markets

• President Trump’s steep new tariffs — including a 104% duty on Chinese goods — officially took effect Wednesday, intensifying trade tensions and sparking another wave of market sell-offs. The S&P 500 has seen its worst drop since the 1950s, while even safe-haven assets like bonds came under pressure. Though Chinese stocks held steady thanks to government support, U.S. and European futures point to more turbulence ahead. Trump has called the tariffs “permanent,” but also hinted they’re a bargaining chip. There are now talks in  motion with Japan, South Korea, Vietnam, and Italy. Meanwhile, JP Morgan puts the odds of a global recession this year at 60%. The Washington Street Journal

  
  

• iPhone Panic Buying Hits Apple Stores

• Shoppers across the U.S. are rushing to buy iPhones ahead of possible price hikes, spooked by Trump’s new tariffs on Chinese imports.

  Retail staff say customers are asking about rising costs — and sales have jumped. The new tariffs could raise Apple’s production costs by nearly 50%, but the company has yet to adjust retail prices. Apple is hoping to avoid passing the cost to consumers by ramping up production in India and Vietnam. Still, analysts say a U.S.-made iPhone could cost as much as $3,500 — so don’t expect a factory ribbon-cutting anytime soon. Wall Street Journal

  
  

• Universal's First European Theme Park Lands in the UK

• Universal is set to open its first European theme park in Bedford by 2031. The new park will transform a former brickworks site near Bedford into a major entertainment destination, promising to be one of the most advanced theme parks on the continent.

  The multibillion-pound project is expected to generate around 28,000 jobs, with 80% of the new roles going to locals from Bedfordshire and surrounding areas. Universal estimates that the 476-acre complex could welcome over 8.5 million visitors in its first year, positioning it alongside its global counterparts in the U.S., Japan, and China.

  UK officials have welcomed the investment as a major vote of confidence in the economy. Prime Minister Keir Starmer, Culture Secretary Lisa Nandy, and Chancellor Rachel Reeves all highlighted the project’s potential to boost local employment, enhance Britain’s global profile and serve as a platform for showcasing both international and British creativity.

• Meta Whistleblower to Testify on Alleged China Ties

• Former Meta executive Sarah Wynn-Williams is set to testify before Congress this week, claiming the company jeopardized U.S. national interests by aiding China’s advancement in artificial intelligence. Speaking before the Senate Judiciary Subcommittee on Crime and Counterterrorism, Wynn-Williams will allege that Meta briefed Chinese officials on emerging technologies as early as 2015, with the stated aim of helping China compete with American tech firms.

  Meta has denied the allegations, calling them inaccurate. Still, Wynn-Williams' upcoming testimony has sparked bipartisan interest on Capitol Hill, particularly after the release of her memoir Careless People, which quickly became a bestseller. In it, she recounts her time at Facebook (now Meta) and the internal decisions she says compromised national security.

  Senator Josh Hawley, who chairs the subcommittee, is among several lawmakers now pushing for a deeper investigation. Earlier this month, he joined others in launching a probe into claims that Meta shared AI tools, including surveillance technology, with the Chinese Communist Party. The Economic Times

Minor Headlines

• Microsoft let go of employees who staged protest at company’s 50th anniversary – Pitchbook

• PNC taps former BlackRock executive Mark Wiedman as new president –The Wall Street Journal

• Spirit Airlines CEO steps down weeks after company emerged from bankruptcy – Reuters

• U.S. launches second review of Nippon Steel’s bid to acquire U.S. Steel –The Wall Street Journal

• Warren Buffett sees rare gains in 2025 while other billionaires face losses – Bloomberg

• U.S. quietly revokes student visas, even at top-tier universities – Bloomberg

• UK inflation response to tariff hikes still unclear, says BOE’s LombardelliThe Wall Street Journal

• Titanic digitally mapped in detail, revealing new clues about its sinking-The New York times

  
  

Gen Z Word of the Day

Shook

• Meaning: To express a big surprise or shock, often in a negative way.

• Example: I was shook when I saw my final score in the English exam.