US senator calls on government agencies to increase efforts to pursue criminal use of cryptocurrencies-regulation
US senator calls on government agencies to increase efforts to pursue criminal use of cryptocurrencies-regulation
Senator Margaret Hassan has asked governmental authorities to "take additional targeted steps to prevent and persecute the use of cryptocurrency for criminal purposes". She expressed her concern about "the increase in the use of cryptocurrency for criminal purposes".
US senator calls on agencies to take steps to prevent crypto from crypto for criminal purposes and to pursue criminal law
US senator Maggie Hassan wrote a letter to General Prosecutor Merrick Garland on Thursday, in which she expressed her concern about crime use of cryptocurrencies. Garland is the 86th Minister of Justice, the state's highest law enforcement officer who heads the Ministry of Justice (DOJ). Senator Hasan wrote:
I write to express my concern about the increase in the use of cryptocurrency for criminal purposes and ask their authorities to take additional targeted steps to prevent and pursue the use of cryptocurrency for criminal purposes.
The letter also became Alejandro Mayorkas, secretary of the Department of Homeland Security (DHS); Charles Rettig, Commissioner of the Internal Revenue Service (IRS); Gary Gensler, Chairman of the Securities and Exchange Commission (Sec); and Himamauli that, deputy director of the Financial Crime Enforcement Network (fincen).
In her letter, Hassan mentioned that the city of Peterborough in New Hampshire suffered a cyber attack last month and $ 2.3 million in taxpayers' money, and found that most funds were converted into cryptocurrencies.
The Senator from New Hampshire claimed:
The anonymity of the cryptocurrency has contributed to facilitating the use by criminals in a variety of ways. These uses include drug sales via the Dark Web, payments for ransomware attacks, tax evasion, financing of terrorism and organized crime, money laundering and more.
she then pointed out that decentralized cryptocurrency exchanges have fewer strict know-your-customer requirements (KYC) requirements than centralized, and emphasized that "some have no KYC requirements at all". The senator then referred to "recent studies" [which] found that many stock exchanges, both centrally and decentralized, have weak KYC requirements. "
Hassan said: "It is clear that more robust KYC requirements for cryptocurrency exchanges, cryptocurrency kiosks and OTC cryptocurrency trading tables could improve transparency in the USA and the global cryptocurrency markets and get other countries to follow this service when requesting KYC information for users." She stated:
This in turn could prevent the illegal use of this new financial technology and at the same time let the legitimate use of cryptocurrencies flourish.
The senator ended her letter by asking the Attorney General eight questions, many of whom concerned additional powers that are necessary to regulate the cryptocurrency trade.
She also asked whether "additional civil or criminal sanctions" would help the "efforts of the authorities to prevent and persecute crime use of cryptocurrencies".
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