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US Attorney General (AG) William Barr said that the recently released “Enforcement Framework for Cryptocurrency” will help law enforcement agencies combat elements that use digital currencies for illegal purposes. The framework was developed by the AG’s Cyber Digital Task Force and provides law enforcement agencies with what Barr calls “a comprehensive overview of emerging threats and law enforcement challenges related to the prevalence and use of cryptocurrencies.”
The release of the framework comes as U.S. regulators have been increasing pressure. Bitmex executives and John McAfee are the latest victims of the new approach. Nonetheless, senior US officials including Christopher Wray, the director of the FBI, paid tribute to this revolutionary technology, which they said was important and promising.
In his speech, Wray pointed out that the new enforcement framework only targets individuals who use cryptocurrencies to facilitate illegal transactions.
“At the FBI, we have witnessed the dangers of criminals pushing important technological promises of cryptocurrency to illegal purposes,” Lei said. The person in charge explained that employees of his institution have observed that “criminals are (now) using cryptocurrency to prevent us from tracking this money in extensive investigations.”
When resolving transactions involving illegal goods sold on the dark web, cryptocurrencies are preferred. In addition, ransomware criminals also prefer to obtain cryptocurrency because they think it is difficult to track.
At the same time, Brian C. Rabbitt, a member of the Cyber Digital Task Force, once again praised cryptocurrency and blockchain, saying that they “brought great hope for the future.” However, Rabart still added “these important innovations to comply with the law to This optimistic view of cryptocurrencies has gradually weakened.
Rabbitt clearly pointed out that there are red lines. If they cross, law enforcement agencies will respond without hesitation:
The Department of Justice (DOJ) and its partners are committed to supporting the development of legal cryptocurrency technologies and uses, but we will not hesitate to enforce the laws governing these technologies when necessary to protect the public.
Another member of the task force, Beth A. Williams, praised the release of the cryptocurrency enforcement framework, which reflects the extensive cooperation between the Ministry of Justice and domestic and foreign partners. Williams concluded that this cooperation aims to “benefit legitimate cryptocurrency users and the general public.”
At the same time, the Department of Justice stated in the document that it considers the use of anonymous enhanced cryptocurrencies (AEC) (such as Monero, Zcash, and Dash) to be “high-risk activities, indicating possible criminal behavior.”
Not surprisingly, the Department of Justice also stated that operators of blenders and glasses “may be criminally responsible for money laundering because these services are specifically designed to conceal or conceal the nature, location, source, ownership, or control of financial transactions. .”
Nevertheless, despite the announcement of the enforcement framework, the Ministry of Justice stated that it recognizes the importance of working with inter-agency and international partners to strengthen an already strong enforcement program.
Do you think that the Ministry of Justice’s cryptocurrency enforcement framework will help reduce illegal activities? Tell us what you think in the comments section below.
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