The US Congress Pinpoints The Criminal Use Of Cryptocurrencies Yet Again

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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.

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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.

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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.

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