Blockchain & Cryptocurrency

The Secret Service Says Cryptocurrencies Are a “Threat to US National Security”

The Infinite Brief
For the most part, privacy coins are tailored toward complete anonymity, with an emphasis on obscuring transaction details.  It appears the Secret Service isn’t all too pleased with these innovative coins. 

Robert Novy, the Deputy assistant of the US Secret Services Office of Investigations, gave his testimony to the financial services subcommittee on Terrorism and Illicit Finance this week: “The growing illicit use of digital currencies risks undermining the effectiveness of existing U.S. laws and regulations, especially those intended to limit the ability of criminals to profit from their illicit activities. One of the greatest emerging threats to U.S. national security is illicit use of virtual or cryptocurrencies.”

Novy specifically names Monero and Zcash in his testimony, explaining that such currencies allow for enhanced privacy and anonymity.

According to the US treasury department, approximately $300 Billion gets laundered in the US every year, most of it connected to drug trafficking and fraud; crypto, compared to that, is surely but a drop in the ocean.

Originally via Chepicap

The US Secret Service has asked Congress to help prevent criminal use of Privacy cryptocurrencies.

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