An official for the U.S. Secret Service called on Congress to weigh potential legislative actions on cryptocurrencies that boast privacy-enhancing features last week.
Speaking before the U.S. House of Representatives Committee on Financial Services, Robert Novy, deputy assistant director for the Service’s Office of Investigations, stated that “congressional attention” on the issue is needed.
“We should also consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies, services intended to obscure transactions on blockchains (i.e.
cryptocurrency tumblers or mixers) and cryptocurrency mining pools,” Novy said, according to published testimony.
While Novy didn’t mention any specific privacy-focused coins, but U.S. officials have raised concerns in the past.
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.
A director within the United States Secret Service testified on Wednesday to Congress, urging the government to take decisive actions to monitor privacy coins.
Privacy The US Secret Service is worried about the illicit use of cryptocurrencies. Asking Congress for Help In his testimony, Novy asked “Congress for help in preventing cryptocurrencies like monero and zcash, which provide users with enhanced privacy and anonymity features, from being used for illicit purposes,” Forbes elaborated. According to Forbes, Greg Nevano, an
The United States Secret Service had recently, in a prepared testimony, asked the Congress to intervene and help in preventing the use of cryptocurrencies for fraudulent purposes. Robert Novy, Deputy Assistant Director at the Office of Investigations United States Secret Service mentions: “My testimony describes our observations on trends and patterns related to digital currency, as well as some of the […]
The US Secret Service is worried about the illicit use of cryptocurrencies. A high-ranking official of the agency has urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains such as tumblers or mixers.
In a crackdown against illicit transactions of digital assets linked to cybercrimes, the U. S. Secret Service has seized more than $102 million worth of digital assets, reported CNBC. Per the stats provided by the security agency, the seized crypto wealth is recovered from 254 cases targeted since 2015.
