United States Attorney General William P. Barr recently revealed that the release of “Cryptocurrency: An Enforcement Framework,” a roadmap for policing the cryptocurrency landscape.
The framework offers a comprehensive overview of the emerging threats and enforcement challenges related to the increasing prevalence and use of cryptocurrency, Barr added.
An 83-page document accompanying the release embody 3 sections – threat overview, law, and future strategies – to guide the DOJ’s handling of the ecosystem.
The document’s release comes 2-years after former Attorney General Jeff Sessions convened a “Cyber Digital Task Force” to review the ramifications of technological advances.
“Despite its relatively brief existence, this technology already plays a task in several of the foremost significant criminal and national security threats our nation faces,” added Associate Deputy Attorney General Sujit Raman, chairman of the Cyber-Digital Task Force, who wrote the report.
There are foremost several of instances where the DOJ will exert its authority over foreign actors, the report added, preferably when “virtual asset transactions link with financial, data storage or other computer systems” with the United States, if they use cryptocurrencies to import illicit goods into the country and if they offer illicit services” to defraud or steal from United States users.
The report sometimes sounds an almost apocalyptic note: “Present terrorist use of cryptocurrency may represent the primary raindrops of an oncoming storm of expanded use that might challenge the power of the U.S. as well as its allies to disrupt financial resources that would enable terrorist organizations to more successfully execute their deadly missions or to expand their influence.”