FBI Fears Crypto is a Security Threat That Will Get ‘Bigger and Bigger’
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During the November hearing, Christopher testified in response to senators asking FBI leaders; queries on foreign influence in elections, border security, cybersecurity, counterterrorism efforts and of course, cryptocurrencies. The FBI director was representing the Department of Homeland Security and National Counterterrorism Centre.
Mitt Romney, Former presidential candidate and Republican Senator from Utah questioned intelligence officers if the United States should not put effort in dealing with cryptocurrencies; and the challenges they bring to law enforcement against terrorism. Romney said:
“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.”
Already a Big Problem
Christopher took a strong lead in answering the question and claimed that cryptocurrencies had already presented a challenge to the agency.
FBI Director Wray took the lead in answering the question, saying that cryptocurrencies already present a problem for the agency.
“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 noted that the FBI already has its eye on the technology and is implementing tools for following the money. Additionally, he concluded by saying if the government does not keep up with new technologies; it will soon find itself walled off by innovation.
Conclusion
Cryptoknowmics reported yesterday that an Australian Minister had raised concern how extremists were using crypto to fund deadly terrorist missions. During a Counter-terror conference held in Melbourne, Peter Dutton said crypto anonymity was enabling terrorists to avoid scrutiny by authorities.
