Posted 2 years ago | by Ben Armstrong
Cryptocurrency Threat To Homeland Security, Says Romney
US Senator Mitt Romney, the former Presidential Candidate and Republican Senator from Utah, recently publicized the level of cryptocurrency may threat to US national security.
Romney asked leaders from the FBI, Homeland Security, and the National Counterterrorism Center questions on “Threats To The Homeland”, he proposed the subject of whether the U.S. needed to take action on cryptocurrencies or not worry about them during a hearing in the U.S. Senate Committee On Homeland Security And Governmental Affairs.
There are many issues that are connected to regulating tokens, and Romney may not fully understand how difficult it would be to restrict the use to cryptos.
A Massive Warning to Lawmakers
“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.” Senator Mitt Romney said to the hearing.
The FBI responded to how cryptocurrencies are a, “significant problem that will get bigger and bigger.” This isn't the first time that cryptos have been the topic of a congressional hearing, but these comments demonstrate how worried the US government is when it comes to the cryptos, and how they can be used.
While all three of the witnesses invited to respond to Senator Romney, FBI Director Wray also highlighted to note how big of a problem cryptocurrency already is.
“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.”
The FBI is Watching Cryptos
FBI Director Wray, in 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 the perceived enemies of the US's 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...”
The FBI Director did say that, “We’re looking at (cryptos) from an investigative perspective including tools that we have to try to follow the money.” He also noted that it is not only cryptocurrency but also other types of technologies that, if the U.S. doesn’t take action, the FBI's work may be much harder in the future.