Feds Accelerate Suppression Of Crypto World – Coin News | TOP 1 Bitcoin news
A recent job posting on the Justice Department’s website is another sign that the federal government’s Feds are about to speed up their surveillance of criminal activity in the crypto world, FOX Business has learned.
The Feds are accelerating the suppression of the crypto world
The post stated that the U.S. Department of Justice DOJ is looking to find a parole attorney with expertise in both cryptocurrency and blockchain technology, as well as money laundering and confiscation law, to work in its criminal justice department. The specific position is assigned to a unit that focuses on crypto-related crime. Duties include prosecuting criminals who use digital currencies as a vehicle for illegal activity and advising federal agencies on legal and regulatory matters.
The superficially inconspicuous publication is further evidence that the federal government is concerned about the increase in crime with digital currencies such as Bitcoin and Ethereum, while at the same time stepping up widespread criminal crackdown on illegal activities in the world of cryptocurrencies.
In the past few weeks, crypto-related criminal activity has made headlines across the country, particularly with the colonial pipeline cyberattack in May that disrupted the massive fuel pipeline and closed most of the country for several days. Behind this move were Russian hackers demanding a $ 5 billion ransom paid in Bitcoin by Colonial’s CEO.
The FBI eventually recovered about half of the funds by confiscating a so-called digital wallet that contained the ransom. Last year, the DOJ seized $ 1 million in crypto assets in the now defunct Silk Road marketplace, one of the most notorious criminal black markets for digital currencies.
In addition to criminal activity, both the Securities and Exchange Commission and the Treasury Department are monitoring the hype surrounding Bitcoin and other digital currencies and whether or not small investors are being tricked into buying these assets. Cryptocurrencies have no intrinsic intrinsic value or not. Digital currencies are used in doing business through blockchain technology, but the industry is emerging and has not yet been widely accepted as a tool for business transactions.
“You can’t do anything with Bitcoin – it has no raw material properties, no property characteristics, so it’s just a token, a speculative token,” said Peter Schiff, who is responsible for crypto, said global economist and strategist at Europac. “Right now people want to collect it because they don’t really understand it.”
Bitcoin price saw a pretty impressive rally over the past year, although it fell significantly to its April highs and surged above $ 60,000 before falling to $ 30,000 earlier this month. It briefly fell below $ 30,000 earlier this week. Ethereum’s performance was even more amazing – the asset is up nearly 700 percent year-over-year, despite trading below $ 2,000 from over 4,000 in May.
Top regulators like Treasury Secretary Janet Yellen and SEC chairman Gary Gensler have publicly stated that they think cryptocurrencies need more regulation, despite Gensler’s dropping cryptocurrencies from the program and others.
SEC related parties said Gensler and the commission are wrestling over how best to regulate a business that operates outside of the banking system.
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