William P. Barr, Attorney General of the United States (US) said that crypto assets thanks to blockchain technology are very promising. But at the same time it is detrimental if it is not strictly regulated and supervised.
Barr conveyed this regarding a special document published by the US Department of Justice, last Thursday (8 October 2020).
The document, entitled "Cryptocurrency: An Enforcement Framework," provides a comprehensive picture of the emerging threats and challenges of law enforcement related to the increasing prevalence and use of crypto assets.
The document also details the important relationships the US Justice Department has built with its partners, including a number of allied countries.
“Crypto assets / cryptocurrencies are technology that can fundamentally change the way humans interact, and the way we organize society. We ensure that the use of this technology is safe, and does not endanger public safety or our national security, including those of our allies, "said Barr in his official statement.
The document is claimed to be the first comprehensive framework for those who wish to understand the priorities of US law enforcement, especially for the growing popularity of crypto assets globally.
Brian C. Rabbitt, Acting Assistant Attorney General for the Criminal Division said crypto assets and blockchain technology are extraordinary for the future. But it is imperative that this important innovation follows the law.
"This Crypto Asset Enforcement Framework provides the public with vital information intended to help them understand and comply with their obligations under the legal regime governing this new and fast-developing technology," he said.
The United States has an interest in regulating and being more involved in blockchain technology as the main motor for creating crypto assets / cryptocurrencies in the private sector.
Despite several successes in disclosing a number of crimes related to crypto assets, the US itself still feels overwhelmed by them.
The document states that a number of crypto assets, including Bitcoin, are used by certain terrorist groups to fund their activities. Much money laundering using crypto assets is also mentioned in the document.
A number of crypto assets of the privacy coin type, for example, have also become the center of US attention, especially by the Director General of Taxes.
For the US, privacy coins, which are able to obscure the lines of crypto asset transactions almost perfectly, blunt efforts to protect the country's economy and security.