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Crime and Investigations

CFTC Commissioner Highlights National Security Risks Regarding Crypto

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.

READ MORE: Bitcoin: Will a Fed Interest Rate Hike Make or Break BTC’s Rally?

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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