FBI Claims Crypto Is A Huge Problem That Will Only Get Bigger
FBI Claims that crypto is a huge problem and it represents a security threat that the United States is facing. These comments were made by the Director for the Federal Bureau of Investigation Christopher Wray during his testimony before the Senate Homeland Security Committee so in todayâ€™s crypto news we take a closer look at his stance.
During the hearing before the US Senate Committee on Homeland Security and Governmental Affairs, the senators asked some of the leaders in the FBI, National Counterterrorism Center and Department of Homeland Security, questions about counterterrorism efforts and foreign influence in elections, border security and cybersecurity measures including cryptocurrencies.
Former Presidential Candidate and now a Republican Senator from Utah, Mitt Romney, asked whether the United States should not take some kind of effort when dealing with cryptocurrencies and the threats that they pose to the law enforcementâ€™s anti-terrorist activities. He said:
Â â€œIâ€™m not in the Banking Committee. I donâ€™t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we canâ€™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.â€�
FBI Director Wray answered the question saying that crypto is already a problem for the agency which is why the FBI claims that crypto is a threat to the entire nation. He said:
Â â€œFor us, cryptocurrency is already a significant issue and we can project out pretty easily that itâ€™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.â€�
Wray concluded by saying that the FBI is already keeping an eye on cryptocurrencies and using tools that â€˜we have to try to follow the money.â€™â€™ He also said that if the US does not keep up with the new technologies, it will soon find itself being â€˜â€™walled off.â€™â€™
During a counter-terror conference in Melbourne, the Australian Minister of Home Affairs Peter Dutton claimed that terrorist is using cryptocurrency to â€˜fund their deadly missionsâ€™ because of the anonymity that the crypto has to offer.
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