Vice President Joe Biden announced on Friday that the Obama administration is expanding the scope of its investigation into potential criminal activity associated with the use of cryptocurrency. The recent news from the Treasury Department and the Secret Service indicated that they intend to expand their investigation into the use of Bitcoin and other alternative currencies to determine whether they are being used to launder money or conceal criminal activity. Biden is also reportedly considering an executive order that would force all cryptocurrency exchanges to obtain specific licenses to operate in the U.S.
The Justice Department is expanding its use of cryptocurrency analysis to help track criminal transactions and better identify ways to combat money laundering, said the agency’s associate director for the Bureau of Criminal Enforcement. BitHub, a criminal intelligence unit within the bureau, has been analyzing cryptocurrency transactions for a number of months.
The American government has expanded its cryptocurrency investigations, adding more than 20 new agencies to the list of its investigative arms. This time, however, domestic digital currency trading has become a major focus of government attention, as a report from members of the Biden administration has revealed.
The US government is expanding its analysis of cryptocurrencies as part of a strategy to detect and track criminal transactions. This measure comes amid a growing problem of ransomware targeting cryptocurrencies like bitcoin. Combating extortion schemes is a priority for the government, a White House spokesman said.
US government will expand analysis of cryptocurrencies
The Biden administration unveiled its strategy to combat cryptocurrency extortion at a White House press briefing on Tuesday. Combating racketeering is a priority for the administration, said Carine Jean-Pierre, deputy White House press secretary. President Biden has already launched a rapid strategic assessment to combat the growing threat of ransomware, which includes four areas of focus. According to Jean-Pierre, one priority is the proliferation of ransomware infrastructure and actors in close collaboration with the private sector, and the other is the creation of an international coalition to hold countries that harbor ransomware actors accountable. A review of the USG’s anti-extortion policy is also underway, she confirmed, adding: Develop cryptocurrency analytics to detect and track criminal transactions. The senior White House deputy press secretary explained that the four focus areas are based on President Joe Biden’s executive order outlining five priority cybersecurity initiatives that, if implemented, would reduce the risk of cyber attacks, including ransomware. Ransomware attacks are on the rise worldwide. In the United States, several large companies were recently hit by a ransomware that demands payment in bitcoins. JBS, the world’s largest meat producer, has reportedly been facing an organized cyber attack since late May. The Colonial Pipeline, which provides nearly half of the East Coast’s fuel needs, also shut down operations for several days in May when a ransomware attack blocked some systems. The pipeline was repaired in less than a week, but the company admitted to paying a ransom of millions of dollars in bitcoins. What do you think of the Biden administration’s expansion of analysis of crypto-currencies? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The US government has released a new report to expand its analysis of cryptocurrency transactions. The report says the Treasury Department is interested in analyzing crypto transactions used by criminals and terrorist organizations, and says it will be part of a wider effort to find ways to use the blockchain technology that runs the crypto to track down criminals.. Read more about the end of cryptocurrency and let us know what you think.
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