I was reading this article on CCN the other day and it gave me a good laugh.
A top official in the US Secret Service has asked Congress to take action against privacy-centric cryptocurrencies.
Really? And how are you going to accomplish that?
As CCN reported, Japan’s Financial Service Agency (FSA) — the government body that regulates cryptocurrency exchanges in the country — has pressured trading platforms to delist privacy coins.
A vague reference to "pressure" in another country? And all the pressure is directed at centralized exchanges. If you're going to do something illegal with privacy coins, why would you be using a centralized exchange? This is pretty much confirmation that crypto can't be regulated in the long run. Calls for action keep getting made with absolutely no solutions presented.
Implying that congress should regulate a technology that they know nothing about is laughable. They asked Mark Zuckerburg how Facebook makes money without charging it's users. They're totally incompetent dinosaurs.
Law enforcement officials and regulators around the world have frequently expressed concern over the prevalence of such privacy-preserving technologies, though supporters point out that they’re no more anonymous than physical cash.
Exactly, it's the USD that funds terrorism and mobster activity. Putting the blame on crypto is an embarrassing crutch.
There is also a claim that mining pools need to be stopped because they promote anonymity. This is a much more serious threat, because attacking mining pools is a direct attack on POW coins.
Whether Congress does take action or not, Novy had strong words for criminals who would seek to fund their activities through the use of cryptocurrency (which actually happens far less than most people think).
“Those that seek to further their illicit activities through use of digital currencies should have no illusions that they are beyond the reach of the law,” he concluded. “As the investigative work of the Secret Service and our law enforcement partners continues to demonstrate, we are relentless in enforcing the law and will not be stopped by the perceived anonymity of the Internet or digital currencies.”
And I conclude this is a totally empty and laughable threat. Cryptocurrency came into existence because mobsters rule the world. Currency is corrupt to the core. Law enforcement only catches bottom feeder criminals the vast majority of the time.