Hey everyone, especially those in the US crypto scene! So, at a recent Senate hearing, Senator Mitt Romney raised some eyebrows regarding crypto and its potential risks to Homeland Security.
FBI Director Christopher Wray didn’t hold back, saying that crypto "is already a significant issue" and it’s only going to escalate from here.
Here’s the full article if you want to check it out.
So, what do you guys think? Do you believe cryptocurrencies pose a real threat to US Homeland Security? Are you on the same page as Romney and Wray? How do you think this will impact the US crypto market down the line?
I’m all ears for your thoughts and opinions on this matter. Thanks a lot!
Cheers!
it's a threat insofar as terrorist financing is a threat. there's no way around it---as cryptocurrency usage becomes more commonplace, terrorists have been increasingly using it: https://www.thedailybeast.com/the-bitcoin-jihad-in-syria-and-beyond-tales-of-crypto-currency
it was the same with western union, moneygram, paypal, etc. this isn't really a function of cryptocurrency itself. it's just how adoption of payment rails works. criminals and terrorists will use whatever works, and bitcoin works because it doesn't censor them.
I am not alarmed with this kind of statement and at the most this is a matter for these people of doing their jobs providing possible warning with something that not all people in the government has already understood. We know that there is a possibility that cryptocurrency can be utilized for illegal transactions. People still associate Bitcoin with illicit drug trade, money laundering and even possible terrorism financing though proofs are not coming towards these concerns. However, aside from Bitcoin, there are many alternative coins considered to be private coins where transactions are not recorded in the blockchain and I know these coins can be posing some threats. When these gentlemen are saying a cause of concern categorizing cryptocurrency as a "significant" problem they are talking about the potential that some criminals may use cryptocurrency to bypass the usual financial intermediaries so no tracking can be done. Only time can tell if statements for men like them can have a direct or indirect effect on the long-term viability of cryptocurrency. Rather than me making a foregone conclusion, I am just being vigilant or watchful.
The statement is actually a vague one and even though it can easily be construed to be on the negative side of things but for me, I think it depends on which side one is looking at it from. The part of which they are surely concerned with is the financing part which might be related to terrorism and how difficult it might be for them to track such activities should it be used to financed actions and activities against the state. In recent times we have come to read about several busting of those who hide under the anonymity of crypto to perpetuate illegal activities and recently, I have read about Russia making a statement on the confiscation of coins related to illegal activities. So that would need to be push more from the authorities end.
If you are operating within the ambit of the law, then there is nothing to worry about.
Why now after ten years, have they not foreseen all the events leading to becoming Bitcoin the most popular Cryptocurrency and disadvantages attach to it, can they restrict tor totally ban it, so many projects are already structured for usage even by the people of US, even Amazon will soon adopt, the big burden is not in Bitcoin anymore but on the US authorities and regulators on how to implement the ban, everything could have been easier if Bitcoin is on the second year.
The talks about funding terrorists again, yet they ignore the fact that a large chunk of these terrorist groups' funding are fulfilled by USD using bank and wire transfers. Though bitcoin is perfect for receiving and sending funding for nefarious activities, I still believe that people will easily get caught laundering since you will still need to exchange it to a local currency or to USD compared to actually using USD directly.
They can continuously raise the red flags, but truth be told there's a lot happening with their dearly beloved currency compared to bitcoin and other cryptocurrencies.
They aren't ignoring that at all. For decades, Homeland Security and other agencies have been focusing on more conventional payment rails. Earlier this year, UniCredit Bank and the Treasury Department settled for $611 million over terrorist sanctions violations. This stuff happens all the time. Paypal reached a similar settlement with them a few years ago.
For years, law enforcement agencies have been saying that Bitcoin is too small to be a threat. That opinion is beginning to change now.
Read between the lines folks FBI director predicts the MOON
That's how it should be reported, don't you think?
This industry is growing and the possible abandonment of dollar, as global/international means of payment is there.
That's why he is expressing his anxiety against cryptocurrency -> Petro-Bitcoin soon?
I'm obviously joking a little or do I
That's what they're implying, yes! They see that cryptocurrency usage is continually growing, and they expect that trend to continue.
It's obviously not just being adopted by speculators but by anyone who needs to move money. As the Bitcoin network becomes increasingly valuable and liquid, it becomes increasingly useful for money laundering. Naturally, terrorists are adopting it as well -- just like they did with Paypal and similar services.
USA is also decentralized in its own way and this makes decision slower. All forms of information come from the USA about cyptocurrency, some could be distracting news especially when other countries are showing interest and more commitment in the news. The only thing I love about USA is the ability to curtail every form of scam within their nose. Any coin listed in top exchanges located in USA has a firm ground and are reliable than others.
The concerns that have been raised by these people, is not the concern for US only! Considering the borderless nature of bitcoin or any other cryptocurrency, only one country can't deal with such issues! The world needs to come together under one umbrella framework to deal with such issues and a global regulatory body needs to be formed in order to mitigate such risks! US is just trying to become the front runner in these issues just like everything else, to maintain its supremacy!
they overestimate bitcoin as a threat, I'm not a US but I see their country is a developed country with new innovations, but why for a blockchain or bitcoin technology as if they are like a country left behind, if there really is something that doesn't want to happen why should they against this latest innovation is not supportive, I think they will be left behind with China
It depends on what their underlying intention is. It could also be an attempt to slow down the growth of the crypto ecosystem to catch up legally and financially.
I think it's just a matter of time before the us gets its shit together and finally open up more, mainly so now other large competing economies such as China are trying to gain an edge over the rest of the world by supporting the blockchain space, which literally came out of nowhere. Everyone was of believe that China withdrew itself completely, but it turned out to not be so at all.
In the end, everything comes down to timing. If we look at how the internet progressed back in the early days, it wasn't all that different. Skeptics have now become believers and I'm sure the same will happen with Bitcoin.
Why os the FBI and Homeland Security waking up an old flame that died down already? Why blame the currency for the criminal activities happening in their country? It's like how they view guns as the main suspect for every crime yet they fail to identofy that the ones owning ot are at fault not the guns itself. I'm seeing a pattern that they always fail to identify the problem first and see a completely different solution for it. I just hope the the lawmakers will view itin a different way as supposed to what the FBI amd Homeland is trying to say.
well that's why they are too slow to move to support innovation, because the laws that slow down the crypto ecosystem that should be made with good results agreements are not against an innovation, bitcoin is now 10 years until now there has not been a good development in the US, if it must take time , does it take another 10 years
Perhaps the term "going to become a bigger and bigger one" means that Bitcoin is a currency used to promote drugs or support terrorism, but decentralization that could threaten the dominance of banks over currency and paper money.
I understand these concerns and perhaps if governments are unable to regulate these currencies, they may violate financial stability, so the threat may not be noticeable now but things will change in the future.
In general, the way the government deals with these currencies needs further development and some legislation.
Cryptocurrency exchanges and ICOs are still prohibited in China. Major Chinese miners like Bitmain are still preparing for the worst, distributing their infrastructure to North America and Europe.
Meanwhile, it's not clear what the Chinese government is even talking about. They are apparently launching a central bank coin and praising "blockchains." Yet, I don't see anything in support of Bitcoin or other decentralized cryptocurrencies or about lifting the market restrictions, so I'm skeptical.
These had been discussed for years now about money laundering thing and just even thinking on the basic one where anonymity & decentralized one
is the perfect recipe for money laundering so its no surprise that this would get big consideration for those who launder up money using up fiat in the past and
now crypto did exist then its no brainer for them to switch on.I do agree with those sentiments though but getting rid of it is totally nearly impossible.