US attorney general announces “Cryptocurrency: An Enforcement Framework” report

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U.S Attorney General William P. Barr announced that the Cyber-Digital Task Force has released a new blockchain and digital currency-related report; Cryptocurrency: An Enforcement Framework. 

“In Part I, the Framework provides a detailed threat overview, cataloging the three categories into which most illicit uses of cryptocurrency typically fall…Part II explores the various legal and regulatory tools at the government’s disposal to confront the threats posed by cryptocurrency’s illicit uses…[and] the Enforcement Framework concludes in Part III with a discussion of the ongoing challenges the government faces in cryptocurrency enforcement,” says the official announcement that introduced the report.

“Cryptocurrency is a technology that could fundamentally transform how human beings interact, and how we organize society. Ensuring that use of this technology is safe, and does not imperil our public safety or our national security, is vitally important to America and its allies,” said Attorney General Barr. “I am grateful to the Cyber-Digital Task Force for producing this detailed report, which provides a cohesive, first-of-its-kind framework for those seeking to understand federal enforcement priorities in this growing space.”

The Attorney General’s Cyber-Digital Task Force

This is the second report created by the Cyber-Digital Task Force since it was first formed in 2018. Their first report was published in July 2018 and explored the wide spectrum that is cybercrime. This new report narrows in on the digital currency industry and how criminals try to use digital currencies to hide their tracks from the government and law enforcement officials.

“Cryptocurrencies and distributed ledger technology present tremendous promise for the future, but it is critical that these important innovations follow the law. The Cryptocurrency Enforcement Framework provides the public with important information intended to help them understand and comply with their obligations under the legal regimes that govern these new and fast-developing technologies,” said Task Force member Brian C. Rabbitt, the acting Assistant Attorney General for the Criminal Division. “While the Department of Justice and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to enforce the laws that govern these technologies when necessary to protect the public.”

The United States government knows that blockchain technology and digital currency are innovations that will play a role in many processes in the future, however, they are aware that criminals and illicit actors are interested in using these technologies as well. Although the government supports blockchain and digital currency, they do not want to see these innovations being misused.

To learn more about blockchain and digital currency, its legitimate uses, its criminal uses, as well as current legislation and government action being taken to protect the public, we recommend reading the full report here.