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Congress Was Recently Told Cryptocurrency is Becoming a “Significant Issue” for the FBI

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In a meeting held on Tuesday, November 5, 2019, that involved the Senate Homeland Security Committee and the Federal Bureau of Investigation (FBI), talks regarding national security threats were expounded upon sharing more details on the matter.

Cryptocurrencies were addressed and the Director of the U.S. FBI, Christopher Wray, disclosed that the bureau views such digital assets are a threat. This is a response to Senator Mitt Romney (R-UT)’s comment.

In particular, the Senator, who admits isn’t very knowledgeable on cryptocurrencies said the following:

“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.”

In stating this, he urged that something be done nationwide regarding cryptocurrencies.

Wray explained the bureau’s viewpoint and noted that the overall adoption of the digital currency is surely to become “a bigger and bigger [issue].” It also seems like he is not convinced that regulation would rectify the situation.

Without disclosing too much, Wray did mention some crucial points. With the FBI being watchful of the exchange of money through the decentralized financial system, he stressed that the U.S might eventually become segregated if it did not make the effort to keep up with improving technologies.

He specifically noted that outside organizations within the U.S. are getting habituated with blockchain technology and could be putting in time to ensure that their financial involvements are covered from the government reports Decrypt.

Here’s what Wray has since voiced:

“Whether it’s cryptocurrency or default encryption on devices and messaging platforms, we are moving in a direction as a country and world where if we don’t get our act together, money, people, communications, evidence, facts […] will be essentially walled off from the men and women we represent.”

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