FBI to make rules and regulations to stop cryptocurrency crime
July 5, 2018 6:35 am,
Kyle Armstrong noted that they are 100 cases of cryptocurrency running with FBI
Kyle Armstrong’s agent comments gave the FBI’s attitude toward the cryptocurrency movement. The FBI agency is neutral towards cryptocurrency and its use, they are expanding its reach into the use of digital assets in criminal activity. The criminal activity includes activities such as extortion, drug smuggling, and human trafficking. In short, the FBI is well aware of crypto’s growing popularity among perpetrators of these crimes and is seeking to prevent it. The agent noted that they are more than thousands of cases of cryptocurrency the FBI was working on, but that it also represents an uptick in activity.
To reduce the use of crypto-related crime happening the world, authorities will need to adopt unique strategies and techniques that reflect the aspects of the blockchain. The FBI must ensure that it cannot stop this behavior without close cooperation from other agencies around the world. Cryptocurrency should be prevented from being used by criminals as it is considered global.
The FBI is making new rules and brings more people to increase its resources in the field of cryptocurrency investigations. In its 2018 budget, they requested new personnel to improve its capacity in this area and it is expected to ask for even more moving forward. The request came friendly in the U.S. Congress, which remains generally skeptical of all things cryptocurrency. In fact, the House of Representatives just passed a bill that directs the comptroller general to investigate the increasing use of cryptocurrency in the drug and sex trafficking industries.
Governments will need to understand the system of blockchain assets and seek to incorporate them into their financial systems. In this situation we should context, crypto developers, advocates and other experts should be listed as allies, not adversaries, of law enforcement. The crypto community may be at odds with the authorities on issues such as privacy and economic libertarianism, there is a widespread consensus that cryptocurrencies should not be used as a tool for profit from violence and human suffering. The misguided belief that cryptocurrencies are largely affiliated with such persons is something the community has to correct.
The FBI’s increased interest in cryptocurrency related issues is a natural extension of blockchain’s inevitable march toward mainstream use. It shows the fact that law enforcement is yet another area that has a lot of impact on the technology. More growth, and a greater appreciation for the benefits and challenges posed by blockchain are all but certain.