The US Congress Pinpoints The Criminal Use Of Cryptocurrencies Yet Again

Must Read

DOGECOIN (DOGE) Price Analysis: A Small Altcoin With Strong Futuristic Fundamentals

Dogecoin has been one of the most developing crypto assets this year by crossing the market cap by...

Germany’s Second Largest Stock Exchange Lists The First Short Bitcoin ETP

21 Shares Short Bitcoin ETP is now enlisted in Germany's second-largest stock exchange Boerse Stuttgart. The CEO of...

Tron Will Support WARRENCOIN, Justin Sun Insists

Warren Buffet has been a long-time critic of the cryptocurrency. Justin Sun bid $4.57 million in a charity auction...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
The US Congress Pinpoints The Criminal Use Of Cryptocurrencies Yet Again

  • The US Congress highlights Criminal Use Of Cryptocurrencies Again in recent statement.
  • The U.S. regulators were quite advanced when it came to tackling crypto-related risks.

Recently, a statement issued by The House of Representatives Financial Services Committee. In the issue, it made discussions and talks regarding the topic of the growing illegal use of digital currencies.

The given message notes that cryptocurrencies can also be used to finance terrorist activities in the United States of America. This statement had published after a meeting that was held by a committee with various experts and officials.

Participants further had concluded that bitcoin and various other cryptocurrencies rapidly used for financing extremist activities. In this regard, American territory is becoming more vulnerable to terrorist attacks.

Since the supervisors and intelligence agencies do not have useful tools to track the movement of funds in individual ecosystems, all this further becomes hard to tackle.

As per Jared Maples, who is the head of the New Jersey State Security Department, many terrorists have been using social platforms such as Facebook and Telegram to exchange information.

In addition to this, through the same social networks, they also coordinate ways of acquiring funds, which also includes the field of cryptocurrency.

The specialist also emphasized that they can not discount the growing role of cryptocurrencies in financing terrorist acts throughout the United States of America.

This negative attitude being portrayed by Congress towards the cryptocurrency industry is majorly the result of lobbying regarding the interests of the traditional capital.

A few weeks back, the largest bankers had appeared in Congress and went on to criticize Bitcoin. The primary argument and points given by them were regarding its volatility and uncontrollability.

Crypto compliance analyst Liat Shetret had expressed her belief regarding this, stating that the U.S. regulators were quite advanced when it came to tackling crypto-related risks. However, the challenge, as pointed out by her, was to get every jurisdiction on the same page.

She also added that cryptocurrency does not respect any borders. It becomes effortless for the criminals to cash-out or launders funds by exchanging them overseas from places that do not perform anti-money laundering checks.

Advising Congress on the same, she said that they ensure that attention drawn to jurisdictions that have failed to implement the FATF guidance on the regulation of cryptocurrency service providers.

Hot News

DOGECOIN (DOGE) Price Analysis: A Small Altcoin With Strong Futuristic Fundamentals

Dogecoin has been one of the most developing crypto assets this year by crossing the market cap by $100 million. The altcoin possesses...

Germany’s Second Largest Stock Exchange Lists The First Short Bitcoin ETP

21 Shares Short Bitcoin ETP is now enlisted in Germany's second-largest stock exchange Boerse Stuttgart. The CEO of 21 Shares addressed that this...

Tron Will Support WARRENCOIN, Justin Sun Insists

Warren Buffet has been a long-time critic of the cryptocurrency. Justin Sun bid $4.57 million in a charity auction to just have a meal...

Tron (TRX) Price Analysis: CEO Justin Sun Trying To Bring Back Bulls For Downtrending TRX 

Tron(TRX) is again on a downtrend in today’s market with an overall loss of -4.56%.  However, CEO Justin Sun is making continuous efforts...

Stellar Featuring An Upgraded Version Of Horizon: Horizon 1.0

Horizon announces Horizon 1.0, the upgraded version of Horizon. Horizon 1.0 consists of the developer-friendly ecosystem and allows user configuration. Horizon 1.0...

Perth Glory Is Still With Sage, Not Selling To Bitcoin Company

Perth Glory is an Australian professional football club based in Perth, Western Australia. Tony Sage was in talks with the London Football Exchange...

Germany’s Second Largest Stock Exchange Lists The First Short Bitcoin ETP

21 Shares Short Bitcoin ETP is now enlisted in Germany's second-largest stock exchange Boerse Stuttgart. The CEO of 21 Shares addressed that this...

Tron Will Support WARRENCOIN, Justin Sun Insists

Warren Buffet has been a long-time critic of the cryptocurrency. Justin Sun bid $4.57 million in a charity auction to just have a meal...

Tron (TRX) Price Analysis: CEO Justin Sun Trying To Bring Back Bulls For Downtrending TRX 

Tron(TRX) is again on a downtrend in today’s market with an overall loss of -4.56%.  However, CEO Justin Sun is making continuous efforts...

Stellar Featuring An Upgraded Version Of Horizon: Horizon 1.0

Horizon announces Horizon 1.0, the upgraded version of Horizon. Horizon 1.0 consists of the developer-friendly ecosystem and allows user configuration. Horizon 1.0...

RELATED NEWS

DOGECOIN (DOGE) Price Analysis: A Small Altcoin With Strong...

Dogecoin has been one of the most developing crypto assets this year by...

Germany’s Second Largest Stock Exchange Lists The First Short...

21 Shares Short Bitcoin ETP is now enlisted in Germany's second-largest stock exchange...

Tron Will Support WARRENCOIN, Justin Sun Insists

Warren Buffet has been a long-time critic of the cryptocurrency. Justin Sun bid $4.57...