The FBI Address Cryptocurrency as a Problem that Will Only Get Bigger Over Time

• The Director for the Federal Bureau of Investigation (FBI) testified before the Senate Homeland Security Committee this week at a hearing on security threats facing the United States.
• Mitt Romney asked the question as to whether if the US should take some kind of movement in dealing with digital currencies
• Is Crypto a problem for the US?

Christopher Wray, the Director for the Federal Bureau of Investigation (FBI) testified before the Senate Homeland Security Committee this week at a hearing on security threats facing the United States.

During the hearing earlier this week, before the US Senate Committee On Homeland Security And Governmental Affairs, senators asked leaders from the FBI, including Wray, Department of Homeland Security and the National Counterterrorism Center questions in regards to topics on counterterrorism efforts, outside source influence in elections, cybersecurity protection, border security, and of course, cryptocurrencies such as Bitcoin.

Mitt Romney, the former Presidential Candidate and Republican Senator from Utah, asked the question as to whether if the US should take some kind of movement in dealing with digital currencies like Bitcoin and its challenges they present to law enforcement’s anti-terrorist activities intelligence officers. 

As per CoinTelegraph, he said:

“I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us and wonder whether there should not be some kind of effort taken in our nation to deal with cryptocurrency.”

Wray took the lead in answering the question and stated that cryptocurrencies already crop up a problem for the agency. He stated:

“For us, cryptocurrency is already a significant issue and we can project out pretty easily that it’s going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response is harder for me to speak to.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!