Not long ago, the discussions of the American Congress, had raised serious questions about technology security blockchain and the possibility of being abused by his criminals cyberspace. In the same vein were the statements of many prominent officials, including the President Trump, talking about the dangers that lie with blockchain platforms. In both cases, one thing became clear: the need for a new protection law. Congress has passed a bill that is now awaiting Senate approval and the President's signature to consider techniques to deal with it. XIXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX concerning the cryptocurrency sector.
The bill entrusts the financial crime response network (FinCEN) to begin the process by studying the most modern ways to make better use of available blockchain-related technologies to help fight crime. This move is in fact very beneficial to the cryptocurrency industry, as many law enforcement agencies are happy with the transparency provided by the Bitcoin blockchain, for example, and are already using some commercial tricks for their further research efforts.
The bill was introduced by Anthony Gonzalez in Ohio. As he stated:
"The bill ensures that we are using the best technology available to us to find and stop money laundering, which makes all these crimes not only possible, but financially profitable for cartels, traders and terrorists."
The bill is entitled "Promoting Innovation to Enforce Law Enforcement".
The bill requires FinCEN director Kenneth Blanco to review and study all emerging technologies, including blockchain, to determine their importance in the fight against crime. As he states:
“The Director of the Financial Crimes Enforcement Network (“ FinCEN ”) will conduct a study on whether technology AI, digital identity technologies, blockchain technologies and other innovative technologies can be further exploited to make FinCEN data analysis more efficient and efficient. "
In addition, Blanco testified before Congress, pointing out his casino initiatives and how to handle cryptocurrency payments, an obvious point where illegal profits can enter the public sector:
"I encourage casinos to carefully look at both documents on the FinCEN website to see how we deal with this industry and its interactions with others in the financial sector. Casinos should file a SAR when they encounter suspicious CVC activities and any online event that affects, facilitates or conducts transactions. We know that casinos are targets for cybercrime activities, such as attacks ransomware and cheating through e-mail. "
The response from the industry has been positive. Gerard Dache, executive director at the Government Blockchain Association, noted that it was the right time to stop wasting time with outdated crime-fighting techniques. It was time to use modern tools to be one step ahead of the enemy.