United States Attorney General (AG) William Barr says recent publication of the Cryptocurrency Enforcement Framework will help law enforcement combat elements that use digital currencies for illicit purposes. Produced by AG’s Cyber-Digital Task Force, this framework provides law enforcement with what Barr calls “a comprehensive overview of emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.”
Spread Framework It comes as US regulators escalate the pressure with them Bitmex Executives and John McAfee Being the latest victim of the new approach. Even so, top US officials, including FBI Director Christopher Wray, are honoring this revolutionary technology that they say is important and promising.
In his remarks, Wray notes that the new enforcement framework only targets individuals who facilitate illicit trade using cryptocurrencies.
“At the FBI, we see first-hand the risks that occur when criminals bow to an important technological promise in cryptocurrency to an illicit end,” says Ray. The director explains that staff at his agency noticed that “criminals (now) are using cryptocurrency to try to prevent us from tracking money through a wide range of investigations.”
Cryptocurrencies are best used when settling transactions involving illicit goods being sold on the dark web. Additionally, ransomware criminals also prefer to have a paid cryptocurrency because they find it difficult to track and trace them.
Meanwhile, a member of the Cyber-Digital Task Force, Brian C. Rabbitt, praised the cryptocurrency and the blockchain, saying that they “make tremendous promises for the future.” However, Rabbitt still diminishes this positive outlook for cryptocurrencies by adding that “it is vitally important that these important innovations follow the law.”
Rabbett explains that there are red lines, and if they are crossed, law enforcement agencies will not hesitate to respond:
While the DOJ and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to enforce the laws governing these technologies when necessary to protect the public.
Another cast member, Beth A. Williams, with the release of the cryptocurrency enforcement framework, which reflects the Justice Department’s extensive cooperation with local and international partners. Williams concludes that this collaboration aims to “benefit legal cryptocurrency users and the public at large.”
Meanwhile, in the document, the Department of Justice says it considers the use of enhanced anonymity for cryptocurrencies (AECs) such as Monero, Zcash, and Dash as “high-risk activity indicating potential criminal behavior.”
Unsurprisingly, the Department of Justice also says that operators of mixers and tumblers “can be criminally liable for money laundering because these services are specifically designed to conceal or conceal the nature, location, source, ownership or control of a financial transaction.”
However, despite the publication of the implementation framework, the Ministry of Justice says it recognizes the importance of working with agencies and international partners to promote an already robust enforcement plan.
Do you think the Department of Justice’s cryptocurrency enforcement framework will help reduce illicit activities? Let us know what you think in the comments section below.
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