CFTC Commissioner Highlights National Security Risks Regarding Crypto
Christy Goldsmith Romero, the commissioner of the Commodity Futures Trading Commission, gave a speech in London that focused on the illicit use of digital assets.
According to Romero, the anonymity provided by cryptocurrencies poses national security risks, allowing cybercriminals to finance terrorism, drug trades, darknet markets, cyber gangs, money launderers, and malicious state-sponsored activities.
However, investigative agencies such as the FBI, the Treasury Department, and the IRS have successfully tracked and arrested criminals who have committed crypto crimes.
Although a recent Treasury review found that criminals still use fiat currency to conduct illicit transactions, Romero believes anonymity is key to crypto’s illegal use cases.
The CEO of CoinRoutes, Dave Weisberger, argues that digital assets are easier to trace than traditional assets, and there needs to be a balance that protects financial privacy while also stopping illicit transactions.
Romero urged the private sector and international governments to coordinate to keep the global financial system safe from illicit finances.