United States Attorney General (AG) William Barre said the recent release of the Cryptocurrency Enforcement Framework will help law enforcement fight elements using digital currency for an illegal end. Created by AG’s Cyber-Digital Task Force, the framework provides law enforcement with which the bar provides a comprehensive overview of the emerging threats and enforcement challenges associated with the growing prevalence and use of the term cryptocurrency.
Release of Structure It comes at a time when U.S. regulators are increasing pressure Beatmax Officers and John McAfee The new approach is the latest casualty. Nonetheless, top US officials, including FBI Director Christopher Ware, pay tribute to this revolutionary technology, which they say is important and promising.
In his remarks, Ware suggests that the new implementation structure is designed to target individuals who facilitate illicit trade using cryptocurrencies.
“In the FBI, we first look at the risks that occur when criminals turn to the important technical promise of cryptocurrency to an illegal end.” The director explains that his agency’s staff has observed that “criminals (now) use cryptocurrencies to try to prevent us from complying with a wide range of investigations.”
Cryptocurrency is preferred when settling transactions of illicit goods sold on the Dark Web. In addition, ransomware criminals are also preferred to pay cryptocurrencies because they believe this is difficult to track and trace.
Meanwhile, a member of the Cyber-Digital Task Force, Brian C. Rabbit, again praising cryptocurrency and blockchain, says they “offer a tremendous promise for the future.” However, Rabbit still adds to this favorable view of cryptocurrencies, “it is important that these important innovations comply with the law.”
Rabbit makes it clear that there are red lines, which law enforcement agencies will not hesitate to respond to:
While the Department of Justice (DOJ) and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we do not hesitate to enforce the laws governing these technologies when necessary to protect the public.
Another member of the task force, Beth A. Williams praised the release of the Cryptocurrency Enforcement Framework, which reflects DOJ’s extensive collaboration with local and international partners. Williams concluded that the cooperation was “for the benefit of legitimate cryptocurrency users and the general public.”
Meanwhile, in the document, the DOJ says it considers the use of anonymity-enhancing cryptocurrencies (AECs) such as Monero, Zackash and Dashsh “as a potentially dangerous activity that is indicative of possible criminal behavior.”
Surprisingly, the DOJ also says that managers of mixers and tumblers may be “criminally responsible for money laundering, as these services are specifically designed to conceal or conceal control of nature, location, source, ownership or financial transactions.”
However, despite the publication of the implementation framework, the DOJ says it already recognizes the importance of working with international partners and international partners to enhance the implementation plan enthusiastically.
Do you think DOJ’s cryptocurrency implementation framework will help reduce illegal activities? Tell us what you think in the comments section below.
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