“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 & Analysis

Editors’ Picks

Bitcoin may surpass $9,000 as early as this weekend

Bitcoin bulls hit a brick wall on the approach to $9,000. The first digital coin settled at $8,960 after several unsuccessful attempts to pass this barrier.  At the time of writing, BTC/USD is up 2.5% since the beginning of the day.

More Bitcoin News

Bitcoin closes in on $9,000, IOTA and Ethereum Classic bulls unstoppable

Sounds of happiness and cheer fill the cryptocurrency space on Friday following an impressive turnaround from the drab start during the Asian session, to incredible upward movement in the European session. 

More Cryptocurrencies News

DASH has low chance to be classified as a security

DASH, now the 13th largest digital asset with the current market value of $1.15 billion, topped at $144.75 on January 15 and retreated to $124.00 by the time of writing.

More Dash News

Ethereum Price Analysis: ETH/USD bulls in tactical retreat after a failure at $170.00

Ethereum, the second-largest digital asset with the current market value of $18 billion, has been gaining ground after a short-lived retreat on Thursday. The coin has gained over 3% on a day-to-day basis and 2.8% since the beginning of Friday. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP