An April 2025 DOJ memo titled "Ending Regulation by Prosecution" disbanded the National Cryptocurrency Enforcement Team (NCET), halted many Biden-era crypto investigations, narrowed DOJ crypto enforcement to certain criminal categories, and directed assistance to a Trump crypto working group. ProPublica reported Deputy Attorney General Todd Blanche held $158k–$470k in BTC, ETH and SOL when he issued the memo, having signed an ethics agreement to divest within 90 days but issuing the rollback before divesting; he later transferred assets to family members. Six Democratic senators demanded Blanche produce ethics and industry communications and called the situation a "glaring conflict of interest." The Campaign Legal Center filed an Inspector General complaint; the DOJ says actions were "appropriately flagged, addressed and cleared in advance." The IG complaint remains open and the dispute has affected ethics negotiations around the CLARITY Act.

The memo disbanded the NCET, halted many investigations and narrowed enforcement—actions the summary says broadly benefited the crypto industry and Blanche's crypto holdings—suggesting potential positive market implications; however, multiple senators' conflict allegations, an open Inspector General complaint and ongoing ethics scrutiny create regulatory and political risk that offsets some upside.