US Financial Regulator Warns Against Strict Cryptocurrency Rules

Cryptocurrencies are prevalent in South Africa and gaining traction as an alternative on line currency. This post, hence, illustrates the use of cryptocurrency in the facilitation of criminal activity via the review of current literature. Lastly, an exposition of the crimes is presented in order to demonstrate how cryptocurrencies can be made use of as a tool and target in the facilitation of cybercrime. Concomitantly, cryptocurrencies are also establishing themselves as an perfect currency for cybercriminals due to their unregulated and pseudo-anonymous nature. Cryptocurrencies can be employed either as a tool or target in the facilitation of cybercrimes, which includes cyber income laundering, cyber extortion, phishing, hacking, cyber fraud and other financial crimes such as Ponzi and investment scams. Given the hugely technical, decentralised and as a result complex nature of cryptocurrencies, it is crucial for criminologists to have a basic understanding of the modus operandi used in ‘cryptocurrency crime’. This post begins with a short discussion on the history of cryptocurrencies. The technical underpinnings of a cryptocurrency are thereafter explained in order to contextualise their use in the facilitation of cybercrime.

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Gensler mentioned his aim was to bring “similar protections to the exchanges exactly where you trade crypto assets as you may anticipate at the New York Stock Exchange or Nasdaq”. Hsu is, in his personal words, “a career public servant and a bank supervisor at my core”. Today, fintechs and technology platforms are devising payment processing tools that “bring fantastic promise”, he said, “but also risks”. As one of Hsu’s initially acts at the OCC, he asked employees to overview a Trump-era selection to give national trust charters to businesses that give custody solutions for cryptocurrencies. Gensler mentioned the Treasury division has been focused on “anti-dollars laundering and guarding against illicit activity” in the crypto market. By installing Hsu at the OCC, Yellen also signalled a transform in approach to crypto. The danger is that new and enhanced tactics give rise “to a huge and much less regulated shadow banking system”. Janet Yellen, the Treasury secretary, has mentioned she fears bitcoin is employed “often for illicit finance”. While Hsu believes there is no turning back from innovations such as the blockchain technology made use of in cryptocurrencies, he mentioned in congressional testimony this month that the current enthusiasm for banking innovation reminded him of the years leading up to the monetary crisis.

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