• 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. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.

More Bitcoin News
Ethereum price jump spurs most significant ETF inflows in six weeks

Ethereum price jump spurs most significant ETF inflows in six weeks

​After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.

More Ethereum News
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.

More Crypto News
SUI hits new all-time high fueled by Trump election win

SUI hits new all-time high fueled by Trump election win

Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.

More SUI News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP