Presidential Administration Working on ‘Comprehensive Strategy’ for Crypto Currency

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It was released on tuesday by the deputy attorney general that the government is working on a “comprehensive strategy” that is based around cryptocurrency.

At the Financial Services Roundtable’s spring conference Rod Rosenstein spoke and was asked about his take on cryptocurrency and cyber crimes. He brought up the cybercrime task-force that was unveiled last week by the Justice Department. The sole purpose of this that will task force is going to be to develop a strategy around crimes involving tech.

Rosentein said, “A lot of these schemes involve bitcoin and other cryptocurrencies which do not flow through the traditional financial system,” he remarked. “What we’re working on now with our cybercrime task force is a working on a comprehensive strategy to deal with that.”

This task force will more than likely be a powerhouse. It is going to be made up of FBI, U.S. Marshalls and The DEA.

 Rosenstein also brought up the fact that cryptocurrenices are not anonymous. There are clues that can lead federal investigators to the source.

“We all know there are ways to trace criminal activity. Generally speaking, it’s not just about cyber activity, there will be other ways that people will leave trails. Ultimately, even when dealing with cyber currency, they’re going to want to convert, launder it into physical currency, and so there are ways to trace these operations.”

A key element of the Justice Department’s efforts is to educate the feds with how the strategies and digital trails are left.

“One of the challenges we have in law enforcement is making sure our employees are fully skilled, so that’s one of our challenges, to make sure we have the agents and the prosecutors with the skills and the expertise,” he explained, going on to conclude:

 “Because the criminals will always be one step ahead.”

It will be exciting to see what things this new task force will go after, implement and conquer.

-AboveCrypto Team

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