What will the future hold for the crypto worlds privacy coins with Congress looking at possibly regulating them. Is it even possible?
Author: Adam James / Source: Bitcoinist.com
The U.S. Secret Service is taking a good look at privacy-focused cryptocurrencies like Monero and Zcash while urging Congress to “consider additional legislative or regulatory actions.”
Fear of Privacy Coins
Last week, a top official from the federal law enforcement agency reportedly requested help from Congress in combating the use of privacy coins for illicit purposes. Robert Novy, Deputy Assistant Director of the Secret Service’s Office of Investigations, wrote:
We should … consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies.
He added, as reported by Forbes:
[C]ontinued Congressional attention is warranted to ensure law enforcement agencies maintain lawful access to critical sources of evidence, regardless of where, or in what form, that information is stored.
Greg Nevano, an official in the investigations division of the Immigration and Customs Enforcement, backed up Novy’s opinion, stating:
Some newer cryptocurrencies have features that make the tracing of them quite complicated. These new anonymity-enhanced cryptocurrencies are clearly ripe for illicit use in an effort to subvert…