William Barr Says Recent Framework Will Fight Against Illicit Activities

Vandana  |  Oct 10, 2020

William Barr, the U.S. Attorney General, stated that the recent crypto enforcement framework will help the law enforcement agencies to fight against the crypto-related illicit activities. In this framework, there is a complete overview of all the emerging threats and challenges that law enforcement agencies face an increase in the adoption and use of cryptocurrencies.

Framework by Barr Targets Individuals Facilitating Illicit Crypto Trade

Cristopher Wray, Director of FBI believes that this new enforcement framework by Barr targets those individuals who are facilitating the illicit crypto trade. Wray said, “At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends.” 

According to him, most of the criminals tend to use cryptocurrency so that the law enforcement agencies cannot track them even after many investigations.

Most of the ransomware attacks these days also demand cryptocurrency and the reason is this only that it cannot be tracked easily. All these comments Wray indicates that he is highly in the favour of the enforcement framework introduced by William Barr. The reason being that it will help them to prevent crypto-related illicit activities. 

Crypto and Blockchain is Having a Promising Future

The whole crypto community of the U.S. is giving their views about Barr’s enforcement framework. Meanwhile, Brian C. Rabbitt, member of the Cyber-Digital Task Force has said that both crypto and blockchain are having a very bright future. He also mentioned that there is a need for the law when there is any such innovation in the market. According to him, there are several red lines that people need to keep in mind while dealing with crypto. Once these lines are crossed, law enforcement agencies have to intervene in between to protect the law and to make sure that anything is not harming the citizens.

Related News