“Cryptocurrency is a significant issue in law enforcement,'' says FBI


  • The FBI is reportedly keeping track of cryptocurrencies.
  • The US should avoid putting any effort into dealing with cryptocurrencies, a senator from Utah claimed. 

Christopher Wray, the Director of the Federal Bureau of Investigation (FBI), recently expressed concerns in a hearing about possible security threats that the US is facing. The hearing was held before the US Senate Committee On Homeland Security And Governmental Affairs. Senators asked leaders from the FBI, Department of Homeland Security and the National Counterterrorism Center a few questions. These questions were related to counterterrorism efforts, foreign influence in elections, cybersecurity measures, border security and cryptocurrencies.

Mitt Romney, former Presidential Candidate and Republican Senator from Utah, also questioned the intelligence officers. He wanted to know if the US should avoid putting any effort into dealing with cryptocurrencies and the challenges they present to law enforcement’s anti-terrorist activities. He said:

I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us and wonder whether there should not be some kind of effort taken in our nation to deal with cryptocurrency.

FBI Director Wray responded saying that cryptocurrencies already pose a threat to the agency. He stated:

For us, cryptocurrency is already a significant issue and we can project out pretty easily that it’s going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response is harder for me to speak to.

Wray further added that the FBI is vigilant about cryptocurrencies, using “tools that we have to try to follow the money.” He also stated that the US will soon find itself being “walled off” lest it stays updated with the new technologies.  

Peter Dutton, the Australian Minister of Home Affairs, also expressed his views during a counter-terror conference in Melbourne. He stated that terrorists are exploiting cryptocurrencies to “fund their deadly missions.” As per Dutton, the anonymity of cryptocurrencies allows extremists to avert scrutiny. He believes that the increased usage of digital currencies, online payment systems, and crowd-funding platforms may become a source of funding terrorism. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP and ADA on fire, BTC lags behind

BTC/USD has barely changed since this time on Tuesday. The first digital asset is changing hands at $9,273 after a move to $9,380 on Monday. 

More Cryptocurrencies News

Ripple Technical Analysis: XRP/USD bears take price below $0.185

XRP/USD bears remained in control for the second straight day as the price fell from $0.1852 to $0.1848. Despite the bearish price action, the Elliott Oscillator has had seven consecutive green sessions ...

More Ripple News

Ethereum Price Analysis: Will bulls reach $240 in current bounce?

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV) ...

More Ethereum News

LTC/USD retests $45 seller congestion zone, where to next?

Litecoin bulls have engaged higher gears in their quest to push the price above $50. From the highs traded in June around $50, LTC/USD embarked on an exercise of trimming gains to the extent of dropping under $40.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP