There are still some parts of the U.S. government that are still quite opposed to the idea of cryptocurrency, especially because it can easily be used for crime. Federal Bureau of Investigation (FBI) Director Christopher Wray has expressed his problem with crypto during a recent hearing with the Senate.
On Tuesday, leaders of the FBI, the National Counter-terrorism Center, as well as the Department of Homeland Security were extensively questioned by the U.S. Senate Committee on Homeland Security and Governmental Affairs, regarding several topics which border on security.
The various leaders were asked specific questions regarding their moves to stem the rise of several problems including terrorism, cybersecurity, border security, external input in U.S. elections, as well as cryptocurrencies. During the session, Republican Senator representing Utah, Mitt Romney, asked the security leaders whether or not more specific actions should be taken regarding crypto because “it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us.” In his response, Wray said crypto already poses a big problem and though its being handled, will only get bigger.
“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.”
Wray however added that the government needs to be at par with the rest of the world, regarding innovation in tech, including crypto.
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