These new anonymity-enhanced cryptocurrencies are clearly ripe for illicit use in an effort to subvert legitimate law enforcement inquiries.
‘One of the Greatest Emerging Threats to U.S. National Security’
Some members of Congress, like Rep. Robert Pittenger of North Carolina, are already on board with increasing government regulation in regards to privacy coins.
“One of the greatest emerging threats to U.S. national security is [the] illicit use of virtual or cryptocurrencies,” he stated during the hearing.
Still, the use of privacy coins for illicit means still has plenty of room to flourish.
The post Privacy Coins Are ‘One of the Greatest Emerging Threats to U.S. National Security,’ States US Congressman appeared first on Bitcoinist.com.
The U. S. Secret Service is taking a good look at privacy-focused cryptocurrencies like Monero and Zcash while urging Congress to “consider additional legislative or regulatory actions. ” Fear of Privacy Coins Last week, a top official from the federal law enforcement agency reportedly requested help from Congress in combating the use of privacy coins for illicit purposes.
Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.
US Congressman and popular crypto advocate Tom Emmer has stated his intentions to introduce an appropriations amendment that limits the ability of the US Securities and Exchange Commission to deploy funds on digital asset enforcement.
