The US government took steps to regulate cryptocurrency after the Attorney General published an enforcement framework


The United States Attorney General (AG) William Barr says the recent publication of the cryptocurrency enforcement framework will help law enforcement fight off elements using digital currencies for illegal transactions. Created by the AG’s cyber-digital task force, this framework provides law enforcement a “comprehensive overview of emerging threats and enforcement challenges associated with the use of cryptocurrencies” in Barr’s words.

The publication of the framework comes as US regulators are increasing pressure with Bitmex executives and John McPhee becoming the latest casualty of the new approach. Nevertheless, America’s top officials, including FBI director Christopher Ray, pay homage to this revolutionary technology that they say is important and promising.

In his remarks, Ray indicates that the new enforcement framework is only aimed at individuals who facilitate illegal trading using cryptocurrencies.

“At the FBI, we see first-hand threats when criminals illegally end the significant technological litigation of cryptocurrencies,” Ray says. The director explains that his agency’s staff has observed that “(using) (criminal) cryptocurrencies try to prevent us from pursuing money in a wide range of investigations.”

Cryptocurrency is preferred to deal with transactions that involve illicit goods sold on the dark web. In addition, ransomware criminals also prefer to pay cryptocurrency because they find it difficult to track and trace.

Meanwhile, a member of the cyber-digital task force, Brian C. Rabbit again praised cryptocurrency and blockchain, saying they “offer tremendous promise for the future.” However, Rabbitt still adds this favorable view of cryptocurrency by stating that “it is important that these important innovations follow the law.”

Rabbitt makes it clear that there are red lines that, if crossed, law enforcement agencies will not hesitate to respond:

Although the Department of Justice (DOJ) and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to implement laws that govern these technologies when necessary to protect the public.

Another task force member, Beth A. Williams lauded the release of the Cryptocurrency Enforcement Framework, reflecting DOJ’s extensive collaboration with domestic and international partners. Williams concludes that the collaboration aims to “benefit legitimate cryptocurrency users and the public at large.”

Meanwhile, in the document, the DOJ states that it considers using Anonymous as cryptocurrency (AEC) such as Monroe, Zcash, and Dash “as a high-risk activity that is indicative of potential criminal conduct.”

Unexpectedly, the DOJ states that operators of mixers and tumblers “may be criminally liable for money laundering because these services are specifically designed to control or hide the nature, location, source, ownership, or financial transactions Has gone. ”

Nevertheless, despite the publication of the enforcement framework, the DOJ says it already recognizes the gaps and the importance of working with international partners to enhance vigorous enforcement planning.

Do you think the DOJ’s cryptocurrency enforcement framework will help reduce illegal activities? Tell us what you think in the comments section below.

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Bitmax, Christopher Ray, cryptocurrency regulation, dash, DOJ, FBI, John McAfee, John mcafee arrested, Monroe, ransomware attack, United States Attorney General, William Burr, Zcash

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