- The 83-page report, ‘Cryptocurrency: An Enforcement Framework, provides a guide for DoJ to handle the crypto space
- The published report covered the threat spectrum and the possible solutions in a three-part report
On October 8, ‘Cryptocurrency: An Enforcement Framework’ was released by the Attorney General Willaim P. Barr. The publication was produced by the Cyber Digital Task Force of the Attorney General’s Office under the Department of Justice (DoJ). The 83-page report provides a guide for DoJ to handle the crypto space.
The Need for the Enforcement Framework
The Cyber Digital Task Force that was established in 2018 submitted a report in which pointed out cryptocurrencies as a rapidly developing threat for various malicious cyber activities. Currently, cryptocurrencies and the underlying blockchain technologies are part of different US National bodies ranging from the US Defense Department to the US Food and Drug Administration. The Federal Reserve, in association with the Massachusetts Institute of Technology, is also in the development process of CBDC. The brief of the report was in a short period cryptocurrencies have become part of the various governing bodies and the threat they possess can’t be ignored at any cost.
Attorney General Barr on the recently released publication commented that though cryptocurrencies can transform how humans interact with each other. Still, in the process, it shall be made safe for national security and the allies of the nation.
An Enforcement Framework: Report
The published report covered the threat spectrum and the possible solutions in a three-part report. Part 1 provided a detailed framework for the threat overview and categorised the illicit uses of the cryptocurrencies. Part 2 comprises the roles governing and regulatory bodies like SEC, FinCEN, OFAC, and the IRS will play in cooperation with the federal law for both criminal and civil aspects. Part 3 of the report concluded with the ongoing threats that the nation is facing for cryptocurrency enforcement. Various business models of exchanges, casinos, kiosks who attribute to activities of ‘mixing’, ‘chain hopping’ and ‘tumbling’ are the priority concerns. The fact that cryptocurrencies aren’t limited to the country’s border increases the enforcement problems multiple folds.
This is the second report released by the Cyber Digital Task Force in two years. And both the reports focused on the role that the DoJ will play to tackle the cyber threats and enforcement of a solid framework by the federal law enforcement body. The report mentioned the use of cryptocurrencies by the terrorists as first of the many risks that the technology can help possess if not controlled and appropriately regulated in the future.
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