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US Senator Calls on Authorities Companies to Step Up Efforts to Prosecute Felony Use of Cryptocurrencies – Bitcoin Information

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US Senator Margaret Hassan referred to as on authorities companies to take “further focused measures to forestall and prosecute the usage of cryptocurrency for legal functions.” She expressed concern over “the rise in the usage of cryptocurrency for legal functions.”

US Senator Calls on Companies to Take Motion to Stop and Prosecute Felony Use of Crypto

US Senator Maggie Hassan wrote to Lawyer Normal Merrick Garland on Thursday, expressing concern over the legal use of cryptocurrencies. Garland is the 86th United States Lawyer Normal, the nation’s chief regulation enforcement officer who heads the Division of Justice (DOJ). Senator Hassan wrote:

I’m writing to specific my concern on the enhance in the usage of cryptocurrency for legal functions and to ask your companies to take further focused measures to forestall and prosecute the usage of cryptocurrency for legal functions. legal functions.

The letter was additionally forwarded to Alejandro Mayorkas, secretary of the Division of Homeland Safety (DHS); Charles Rettig, Commissioner of the Inner Income Service (IRS); Gary Gensler, chairman of the Securities and Alternate Fee (SEC); and Himamauli Das, Performing Director of the Monetary Crime Enforcement Community (FinCEN).

In his letter, Hassan reported that town of Peterborough, New Hampshire suffered a cyberattack final month and that $ 2.3 million in taxpayer {dollars} was stolen, noting that many of the funds had been transformed. in cryptocurrencies.

The New Hampshire senator stated:

The anonymity offered by the cryptocurrency has helped facilitate its use by criminals in a number of methods. These makes use of embody darkish net drug gross sales, funds for ransomware assaults, tax evasion, terrorist and arranged crime financing, cash laundering, and extra.

She went on to level out that decentralized cryptocurrency exchanges have much less stringent know-your-customer (KYC) necessities than centralized exchanges, declaring that “some don’t have any KYC requirement.” The senator then referred to “current research [which] discovered that many exchanges, each centralized and decentralized, have low KYC necessities.

Hassan stated: “It’s clear that extra stringent KYC necessities for cryptocurrency exchanges, cryptocurrency kiosks and OTC cryptocurrency buying and selling desks may enhance transparency within the US markets and world cryptocurrencies, and get different nations to comply with our lead by requiring KYC data from customers on these companies. She clarified:

This in flip may forestall the illicit use of this new monetary know-how whereas permitting the authentic use of cryptocurrencies to flourish as a complete.

The Senator concluded her letter by asking eight questions of the Lawyer Normal, a lot of which involved further powers wanted to control cryptocurrency buying and selling.

She additionally requested if “further civil or legal penalties” would assist “companies’ efforts to forestall and prosecute the legal use of cryptocurrency.”

What do you consider Senator Hassan’s request? Tell us within the feedback part under.

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