The road to cryptocurrency becoming mainstream has not been an easy one as it has faced criticism and opposition on all ends, which has been the case since the initial launch over a decade ago. Currently, Facebook is trying to get regulatory approval for his upcoming libra token but this entire saga has revealed just how much resistance there is towards cryptocurrency as they have been allegations of libra being used to promote criminal activity, undermining local economic sovereignty and generally being inefficient. It has, however, given those within the industry a chance to understand just how to crypto is viewed by those in regulatory bodies.
One of the latest accusations towards cryptocurrency is it is of it being a threat to the United States and this took place during a recent hearing at the US Senate homeland security committee and the statements were made by the director for the Federal Bureau of Investigation (FBI) Christopher Wray.
Crypto on Trial
The recent year took place on November 5, 2019 and was held by the Senate Committee On Homeland Security And Governmental Affairs In which important officials from the FBI, Department of Homeland Security and the National Counterterrorism Center were questioned on various topics such as cryptocurrency, counterterrorism, cyber security and foreign influence on elections.
During the hearing, Senator Mitt Romney asked the FBI director if the US shouldn’t take any action regarding cryptocurrency and what threat it posed to counterterrorism efforts.
“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,” he said.
The FBI director responded to this question by stating that the agency already considers cryptocurrency a threat and that they are using all technology at their disposal to track it but also stated that if the US fails to embrace new technology, it will likely be walled off.
“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 to,” he said.