Home Cryptocurrency News US Senator Requests Government Agencies Step Up Efforts to Prosecute Criminal Use of Cryptocurrencies – Regulation Bitcoin News

US Senator Requests Government Agencies Step Up Efforts to Prosecute Criminal Use of Cryptocurrencies – Regulation Bitcoin News

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U.S. Senator Margaret Hassan has requested that authorities companies take “extra focused steps to stop and prosecute the usage of cryptocurrency for legal functions.” She expressed her concern over “the rise in the usage of cryptocurrency for legal functions.”

US Senator Requests Companies Take Steps to Forestall and Prosecute Use of Crypto for Prison Functions

U.S. Senator Maggie Hassan wrote a letter to Lawyer Normal Merrick Garland expressing her concern in regards to the legal use of cryptocurrencies Thursday. Garland is the 86th U.S. lawyer basic, the nation’s chief legislation enforcement officer who leads the Division of Justice (DOJ). Senator Hasan wrote:

I write to precise my concern over the rise in the usage of cryptocurrency for legal functions, and request that your companies take extra focused steps to stop and prosecute the usage of cryptocurrency for legal functions.

The letter was additionally forwarded to Alejandro Mayorkas, secretary of the Division of Homeland Safety (DHS); Charles Rettig, commissioner of the Inside Income Service (IRS); Gary Gensler, chairman of the Securities and Trade Fee (SEC); and Himamauli Das, performing director of the Monetary Crime Enforcement Community (FinCEN).

In her letter, Hassan introduced up that the city of Peterborough in New Hampshire suffered a cyberattack final month and $2.3 million in taxpayer {dollars} had been stolen, noting that a lot of the funds had been transformed into cryptocurrencies.

The senator from New Hampshire asserted:

The anonymity offered by cryptocurrency has helped facilitate its use by criminals in a myriad of the way. These makes use of embody drug gross sales over the darkish internet, funds for ransomware assaults, tax evasion, financing for terrorism and arranged crime, cash laundering, and extra.

She then identified that decentralized cryptocurrency exchanges have much less strict know-your-customer (KYC) necessities than centralized ones, emphasizing that “some don’t have any KYC necessities in any respect.” The senator then referred to “Current research [which] have discovered that many exchanges, each centralized and decentralized, have weak KYC necessities.”

Hassan opined: “It’s clear that extra strong KYC necessities for cryptocurrency exchanges, cryptocurrency kiosks, and OTC cryptocurrency buying and selling desks may enhance transparency within the U.S. and world cryptocurrency markets, and lead different international locations to comply with our lead in requiring KYC info for customers on these providers.” She elaborated:

This in flip may stop illicit use of this novel monetary expertise whereas permitting the authentic use of cryptocurrencies to flourish as a complete.

The senator concluded her letter by asking the lawyer basic eight questions, a lot of which had been about extra authority wanted to control cryptocurrency buying and selling.

She additionally requested whether or not “extra civil or legal penalties” would assist the companies’ “efforts to stop and prosecute the legal use of cryptocurrency.”

What do you concentrate on the request by Senator Hassan? Tell us within the feedback part under.

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