U.S. government moves to cryptocurrency regulation after attorney general announces enforcement framework

US Attorney General (AG) William Barr said the recent announcement of the Cryptocurrency Enforcement Framework will help law enforcement fight the element of using digital currencies for illegal purposes. Created by AG’s Cyber-Digital Task Force, the framework provides what Barr calls “a comprehensive overview of the new threats and enforcement challenges associated with the growing penetration and use of cryptocurrencies”.

Publishing skeleton US regulators Bitmex Executives and John McAfee The recent casualties of the new approach. Nonetheless, senior U.S. officials, including FBI Director Christopher Ray, pay tribute to this innovative technology that they say are important and promising.

In his remarks, Wray points out that the new enforcement framework targets only individuals who use cryptocurrency to promote illegal transactions.

“At the FBI, we see firsthand the dangers of criminals using cryptocurrency’s critical technical promises for illegal purposes,” says Wray. The director explains that his institutional staff observed “criminals are trying to stop us from tracking our money in a wide range of investigations using cryptocurrencies (now).”

Cryptocurrencies are preferred when settling transactions involving illegal goods sold on the Dark Web. Also, ransomware criminals prefer paid cryptocurrencies because they perceive it as difficult to track and track.

Meanwhile, Brian C. Rabbitt, a member of the Cyber ​​Digital Task Force, once again praises cryptocurrency and blockchain as “providing tremendous promise for the future.” However, Rabbitt adds that “it’s important that these important innovations follow the law”, which still thins out this favorable view of cryptocurrency.

Rabbitt has made it clear that there is a red line, and if it crosses, law enforcement will not hesitate.

The Department of Justice (DOJ) and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, but we will not hesitate to enforce laws governing these technologies when necessary to protect the public. .

Another Task Force member, Beth A. Williams, commends DOJ for the launch of the Cryptocurrency Enforcement Framework, which reflects extensive collaboration with domestic and international partners. Williams concluded that this collaboration was “to benefit legitimate cryptocurrency users and the general public.”

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Meanwhile, in the document, DOJ says that the use of anonymity-enhancing cryptocurrencies (AECs) such as Monero, Zcash and Dash are considered “high-risk activities that represent possible criminal activity.”

Naturally, DOJ states that mixer and tumbler operators “may take criminal responsibility for money laundering because these services are specifically designed to hide or disguise the nature, location, origin, ownership or control of financial transactions.”

Nevertheless, despite the announcement of the law enforcement framework, the DOJ said it already recognizes the importance of working with interagency and international partners to strengthen its active enforcement plans.

Do you think DOJ’s cryptocurrency enforcement framework will help reduce illegal activity? Send us your thoughts in the comments section below.

The tag of this story
BitMex, Christopher Ray, Cryptocurrency regulation, dash, DOJ, FBI, John McAfee, John McAfee arrest, currency, Ransomware attack, US Attorney General, William Bar, Zcash

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