Cryptocurrency, News & Updates

US Attorney General Plans to Crack Down Crypto

Today, the US Attorney General has released a report that examines the dangers posed by the cryptocurrencies.

Attorney General William Barr has proclaimed the release of his office’s “Cryptocurrency Enforcement Framework” that indicates the “threats and enforcement challenges” associated with the snowballing crypto adoption of how the Department of Justice deals with them.

According to the DOJ, the report has laid out the apparent dangers of the cryptocurrencies and mainly that criminals are recycling them.

“Today, few technologies are more potentially transformative and disruptive—and more potentially susceptible to abuse—than cryptocurrency,” the report reads.

“Indeed, despite its relatively brief existence, cryptocurrency technology plays a role in many of the most significant criminal and national security threats that the United States faces,” it further elaborated, adding that the cryptocurrency is increasingly being used to buy drugs from the internet, launder dirty funds, or fund other terrorist groups.

The report has also stated that the criminals may avoid being tracked by using cryptocurrency as a fiat substitute and request the digital assets to pay for the illicit goods, like child pornography or weapons, while disregarding the fact that cash is used for much of the same. At the same time, the crypto is being transacted across transparent, public ledgers.

However, the report also stated that crypto could be advantageous to the US when used wisely.

“To promote public safety and protect national security, all stakeholders—from private industry to regulators, elected officials, and individual cryptocurrency users—will need to take steps to ensure cryptocurrency is not used as a platform for illegality,” it stated.

“Indeed, for cryptocurrency to realize its truly transformative potential, it is imperative that these risks be addressed.”

In a statement, Attorney General Barr noted that cryptocurrencies are “vitally important” to the US and its allies, for as long as it “does not imperil” public safety.

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