According to an October 8 statement from the US Department of Justice, specifically, William P. Barr, US Attorney General, announced the release of a report. Actually, these guidelines have become known as the ‘Cryptocurrency Application Framework’.
In particular, these guidelines were created by the Cyber-Digital task force, under the leadership of William Barr. Basically, they provide an overview of the threats. In addition to the challenges of the application of cryptocurrency.
Mainly related to the increase in the adoption of cryptocurrencies. And how the Department of Justice can deal with them.
In this regard, William Barr expressed:
“Ensure that the use of this technology is compelling and does not endanger our public safety or our national security. It is of vital importance to the United States and its allies.
Opinions of the Working Group towards the “Framework for the Application of Cryptocurrency”
In this regard, Task Force member John C. Demers, Assistant Attorney General for the Division of Homeland Security. He supports the statement by William Barr by saying:
«As the Cryptocurrency Application Framework explains. We will adapt our strategy and tools to financing in the 21st century. Even to combat the use of cryptocurrencies to evade the application and damage our national security«.
Similarly, Beth A. Williams, another member of the Task Force. Who works as Deputy Attorney General of the Office of Legal Policy. He praised the launch of the Cryptocurrency Enforcement Framework:
“The Department of Justice is committed to protecting the public from current and emerging cyber threats. Including those involving cryptocurrencies and related technologies.
Furthermore, he added: «This Framework reflects the Department’s extensive cooperation with national and international partners. To ensure that we are adequately addressing these challenges. For the benefit of legal cryptocurrency users and the general public«.
In short, according to the report: «Cryptocurrencies can be beneficial to the US if used wisely«.
William Barr and his report
In a way, the creation of the “Cryptocurrency Application Framework” has focused on offering a solution to the challenge of meeting current laws. Along with a description of the emerging threats that cryptocurrencies bring with them.
Certainly, the document details the relationships that the Justice Department has established. With regulatory and compliance partners both within the United States government and around the world.
Structure of the guidelines
The “Cryptocurrency Application Framework” is divided into three parts, distributed over 83 pages:
- It details the threats where they, in turn, catalog the most frequent illicit uses of cryptocurrencies. For example: money laundering and protection of legitimate activity against taxes, among others.
- The current legal and regulatory tools available to the United States government. To address the threats posed in the first part of the document.
- Current challenges facing the government in relation to the use of cryptocurrencies. Specifically, with known business models, such as crypto exchanges, platforms, and the illicit activities that they can facilitate.
As a curious fact, this report would be the second made by the Cyber-Digital Working Group. Since in 2018, they issued a document where they examined the alleged cyber threats that could compromise the critical infrastructure of the nation.
In closing, Attorney General William Barr said that: «Cryptocurrencies are of vital importance to the US and its allies. As long as they do not endanger public safety«.
I say goodbye leaving you this phrase from Simón Bolívar: “The most perfect system of government. It is the one that produces the highest amount of happiness possible, the highest amount of social security and the highest amount of political stability.”.