Topic: [2017-06-22] Illicit Cryptocurrency Use Targeted in Proposed 2018 FBI Budget (Read 5419 times)
June 24, 2017, 07:29:41 PM
@iamTom123. The easiest way for the FBI and the SEC to start cracking down on ICOs and all other cryptcoins is to start seizing the exchanges based in the US like Poloniex and Bittrex in order to stop all trading. Everything will start falling down from there for the cryptocoin users in the US, discouraging them from doing speculative investments. The next step would be to come after the known people behind the biggest ICOs.
June 23, 2017, 02:44:18 AM
I am sure there would be some crackdown next year but I can feel that they (the government agencies mandated for this action) would be extra careful that they don't trampled on legitimate fintech start-ups. It would be a little harder for those based in USA but if one is above board then there is nothing to worry about.
We have to remember that as of now, the government has not yet issued guidelines on ICO (Initial Coin Offerings) but next year there might already be one that issuers have to follow. Though this can be restrictive I have no problem with that basically because we are also for the protection of the investors.
However, it would be a big challenge for USA to reach those who are not based in USA and are not accepting business from American citizens. In this case, it can mean that USA citizens can't be accommodated with ICOs anymore and I think there are already many ICOs who are implementing this policy.
Hopefully, the government will help weed out the scams in the cryptocurrency sphere and not indiscriminately attack the whole fledgling industry.
We have to remember that as of now, the government has not yet issued guidelines on ICO (Initial Coin Offerings) but next year there might already be one that issuers have to follow. Though this can be restrictive I have no problem with that basically because we are also for the protection of the investors.
However, it would be a big challenge for USA to reach those who are not based in USA and are not accepting business from American citizens. In this case, it can mean that USA citizens can't be accommodated with ICOs anymore and I think there are already many ICOs who are implementing this policy.
Hopefully, the government will help weed out the scams in the cryptocurrency sphere and not indiscriminately attack the whole fledgling industry.
June 22, 2017, 08:20:46 PM
I speculate that 2018 will be the year of the government intervention on everything that has been going on in the world of cryptocoins. Drug trafficking and money laundering is the main agenda, but this might be only the beginning. The question of the legality of ICOs is next. Big names will go to jail. But before that happens, I expect the biggest exit scams among the most funded ICOs. They will need the funds to pay for lawyers.
The FBI is requesting $21m and 80 new employees in a bid to investigate emerging tech that could help the agency combat cybercrime.
In a budget request for fiscal year 2018, sent on 21st June, Andrew McCabe, acting director of the FBI, testified to the White House that the agency is facing what it believes are significant challenges in gaining access to digital information – even when it has the legal authority to do so. This notably includes cases that involve "drug traffickers using virtual currencies to obscure their transactions".
It is also the same narrative that the FBI's former Director James Comey put forth last month before the Senate Judiciary Committee.
Read in full http://www.coindesk.com/illicit-cryptocurrency-use-targeted-proposed-2018-fbi-budget/
The FBI is requesting $21m and 80 new employees in a bid to investigate emerging tech that could help the agency combat cybercrime.
In a budget request for fiscal year 2018, sent on 21st June, Andrew McCabe, acting director of the FBI, testified to the White House that the agency is facing what it believes are significant challenges in gaining access to digital information – even when it has the legal authority to do so. This notably includes cases that involve "drug traffickers using virtual currencies to obscure their transactions".
It is also the same narrative that the FBI's former Director James Comey put forth last month before the Senate Judiciary Committee.
Read in full http://www.coindesk.com/illicit-cryptocurrency-use-targeted-proposed-2018-fbi-budget/
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