CONGRESSMAN CALLS FOR CRYPTOCURRENCY INVESTIGATION, ANOTHER WANTS TO BAN IT

A Democratic congressman has called for an investigation of the cryptocurrency industry following Robert Mueller’s indictment — while another has called for a ban on cryptocurrency mining and buying altogether. 

 

On July 13th, 12 Russian operatives were accused of interfering with the 2016 U.S. Presidential election — purportedly having aimed to undermine the campaign of the Democratic presidential candidate, Hillary Clinton. Mueller’s 29-page indictment outlined the strategies and technologies used to compromise the election process.

 

Bitcoin, which was the payment of choice by the Russian operatives, has elicited new concern over digital currency from public officials. Rep. Emanuel Cleaver (D-Mo), in a letter to the Treasury’s Financial Crimes Enforcement Network (FinCEN), urged for a new protocol to help prevent digital currencies from assisting in illegal activities. In his letter, he asked the bureau to “initiate an investigation of the cryptocurrency industry and articulate further guidance to help prevent financial crimes.”

 

Cleaver, who currently serves on the House Financial Services Committee, acknowledged the “tremendous opportunities” offered by cryptocurrency. Attempting to strike a balance, the U.S. congressman explained:

 

It is my hope that the government will continue to take steps to better align the public’s interest in financial technologies with the public’s interest in limiting nefarious uses of these technologies.

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