The U.S. Department of Justice has released a publication that provides a comprehensive view of the new threats associated with the increasing use of cryptocurrencies by terrorist organizations.
October 12, 2020 | AtoZ Markets – US Attorney General William Barr’s Department of Justice (DOJ) announced the release of “Cryptocurrency: An Enforcement Framework,” which is a framework for cracking down on the cryptocurrency field.
DOJ releases cryptocurrency enforcement framework
Attorney General Barr said the framework provides a comprehensive view of the new threats and enforcement challenges associated with the increasing use of crypto assets. The 83-page document consists of three sections that show how the Justice Department deals with the crypto sector: Threat Overview, Law, and Future Strategies.
The DOJ has spent the last two years on this document after the former Attorney General Jeff Sessions convened a “Cyber Digital Task Force” to begin researching the impact of technological progress.
“Despite being relatively short-lived, this technology is already playing a role in many of the most serious crimes and national security threats facing our country,” said Assistant Secretary of Justice Sujit Raman, chairman of the Cyber Digital Task Force.
DoJ concerned about use by terrorist organizations using cryptocurrency
As the use of cryptocurrency evolves and expands, so too will opportunities to commit crime and to do harm by exploiting cryptocurrency technology, the report said.
The document also states that there are many occasions when the Justice Department exercises its authority to prosecute entities and individuals that violate U.S. law even when they are not located inside the United States.
“Where virtual asset transactions touch financial, data storage, or other computer systems within the United States, the Department generally has jurisdiction to prosecute the actors who direct or conduct those transactions.”
The document also has a description that may seem apocalyptic. It reads:
“The current use of crypto assets by terrorists may be the first raindrop caused by the looming storm of increased use of crypto assets by terrorists. The increased use of crypto assets by terrorists is already in existence by the United States and its allies. It’s also a challenge to the ability to disrupt the financial base of the terrorist organization, which could increase the activity and influence of terrorist organizations. “
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