As Senator Romney has recently been in the news on his criticism of the President as impeachment proceedings, it seems the former Presidential Candidate and Republican Senator from Utah might want to ‘impeach’ cryptocurrency from the United States based on the threat level it may pose to national security.
During a hearing in the U.S. Senate Committee On Homeland Security And Governmental Affairs, Senators asked leaders from the FBI, Homeland Security, and the National Counterterrorism Center questions on “Threats To The Homeland”, Senator Mitt Romney (R-UT) raised the prospect of whether the U.S. needed to take action on cryptocurrencies or not worry about them. The FBI took no time in responding how cryptocurrencies are a ‘significant problem that will get bigger and bigger’.
‘I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we can’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.’
While the Senator invited all three of the witnesses to respond to his question, FBI Director Wray jumped in to note how big of a problem cryptocurrency already is. The FBI Director stated, ‘Well certainly for us cryptocurrency is already a significant issue and we can project out pretty easily that it’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 too.’
FBI Director Wray, while being careful not to provide any policy or regulatory recommendation, noted the issues of cryptocurrencies and how they are used by terrorists is part of a larger issue involved with our enemies’ increased capabilities in using tech and the ability to process anonymous transactions.
‘…it is part of a broader trend…in terms of the terrorist threat in terms of our adversaries of all shapes and sizes becoming more facile with technology, in particular various types of technology that anonymize their efforts…’
FBI Director Christopher A. Wray
The FBI Director did note that ‘We’re looking at [cryptocurrencies] from an investigative perspective including tools that we have to try to follow the money’. He also noted that it is not just cryptocurrency but various types of technologies that, if the U.S. doesn’t get its act together, could result in the FBI being walled off by technology from doing their jobs in the future.
Author: Jason Brett