U.S. government moves to regulate cryptocurrencies after Attorney General unveils enforcement framework

William Barr, Attorney General (AG) of the United States, says the latest release of the cryptocurrency enforcement framework will enable law enforcement to combat the use of digital currencies for illegal purposes. Produced by AG’s Cyber-Digital Task Force, the framework refers to law enforcement, which provides a “comprehensive overview of emerging threats and enforcement challenges related to the use and application of cryptocurrency”.

Release Structure It comes as a result of pressure from US regulators BitMex Executives and John McAfee Recent casualties of the new approach. However, top US officials, including FBI Director Christopher Ware, pay homage to this revolutionary technology, which they say is important and promising.

In his comments, Vare points out that the new enforcement framework is aimed only at individuals who facilitate illegal trading using cryptocurrencies.

“At the FBI, we first see the dangers of criminals bending the important technical promise of cryptocurrency to illegal ends,” says Vare. “Criminals (now) use cryptocurrency and we try to prevent the pursuit of money in various investigations,” the director explains.

Cryptocurrencies are preferred when settling transactions involving illegal items sold on the dark web. In addition, ransomware criminals also prefer paid cryptocurrencies because they consider it difficult to track and detect.

Meanwhile, a member of the cyber-digital task force, Brian C. However, Rabbit still taps into this positive view of cryptocurrencies, saying “these important discoveries are very important to follow the law.”

Rabbit clarifies that there are red lines, and if they pass, law enforcement agencies will not hesitate to respond:

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

The release of the cryptocurrency enforcement framework was announced by another working group member, Beth A. Williams appreciates that this reflects DOJ’s extensive collaboration with domestic and international partners. Williams concludes that the collaboration is aimed at “legitimately benefiting cryptocurrency users and the general public.”

Meanwhile, in the document, the DOJ states that the use of cryptocurrencies (AECs) to increase anonymity, such as Monero, Jash and Dash, is considered “a high-risk activity that could indicate potential criminal behavior.”

Surprisingly, the operators of mixers and tumblers can be held liable for money laundering because these services are designed to cover up or obscure the nature, location, source, ownership or control of the financial transaction.

However, despite the release of the enforcement framework, the DOJ acknowledges the importance of working with interactive and international partners to improve the already aggressive implementation plan.

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

Image credit: Shutterstock, Pixie, Wiki Commons