The publication “Cryptocurrency: An Implementation Framework” has been announced today by Attorney General William P. Barr; the Attorney General’s Cyber-Digital Task Force issued it. The framework provides a comprehensive overview of emerging threats and implementation issues related to increasing the deployment and use of crypto. Also, it details the essential relationships the Department of Justice has built with regulatory and executive partners in both the U.S. government and around the world; and describes the department’s response strategy.
Crime and Cryptocurrency
Problems with crime and national security surfaced within the framework. The document discusses how crypto plays a role in this threat. It also includes how the department exercises power over foreign participants when transactions involve finance, data storage, or other computer systems when they use cryptocurrencies to carry out illegal activities.
Part two of this framework specifically addresses the legal and regulatory tools that governments can utilize to fight crime involving cryptocurrencies. It also highlights the growing partnerships between the Ministry of Justice and various other bodies, including the Securities and Exchange Commission, the Commodity Futures Commission, and the Ministry of Finance.
Brian C. Rabbit said that as the Department of Justice and its partners are committed to supporting advances in legal technology and the use of crypto, they will not hesitate to enforce the laws governing the technology to protect the public when needed.
Fighting Crypto Crimes
The announcement came on the same day that Arthur Hayes, CEO of BitMEX, and other members of the company’s management team, withdrew over allegations of the CFTC cryptocurrency exchange. David Wong, Chairman of BitMEX Owner, 100x Group, said that the change allows them to provide excellent trading opportunities and provide the highest corporate governance standards.
Despite the U.S. government declaring its efforts to fight crypto crime, others still have full confidence in the realm of digital assets and what can be achieved with it. Square Inc. announced Thursday that the company had purchased 4,709 bitcoins for $ 50 million, which is 1% of its total assets.
Amrita Ahuja, Square’s chief financial officer, firmly stated their belief that bitcoin has the potential of becoming a more ubiquitous currency. For a company that designs products based on a broader future, he said, this investment is a step forward.
The Cryptocurrency Implementation Framework is the second detailed report by the Attorney General’s Cyber-Digital Working Group. Previous reports by the working group released in July 2018 covered a wide range of cyber threats; that includes programs activated by advanced cyber companies, transnational criminal companies, malicious foreign-influenced operations, and attempts to hack critical infrastructure.