Justice Dept Looks to Develop ‘Cryptocurrency Strategy’

Over the past few months, the U.S. government and its special agencies have been ramping up their efforts to try to regulate bitcoin and digital currencies. This week the Justice Department’s Deputy Attorney General Rod Rosenstein spoke about cryptocurrencies at the Financial Services Roundtable this Monday in Washington, DC.

Also read: Sixth Grader Writes a 57-Page Book About Bitcoin

The Justice Department’s Cybercrimes Task Force Will Develop a Cryptocurrency Focused Strategy

According to multiple reports, the Justice Department is planning to launch a comprehensive strategy for cryptocurrencies. In a caucus filled with American bankers, Deputy Attorney General Rod Rosenstein said cryptocurrencies are a “new challenge” and the agency is planning on tending to the issue soon. At the Financial Services Roundtable Rosenstein discussed the subject of cryptocurrencies with Governor Tim Pawlenty (R-MN).

“A new challenge we face of course is cryptocurrency, because a lot of these schemes involve Bitcoin and other cryptocurrencies, which do not flow through the traditional financial systems,” Rosenstein reveals.

So what we’re working on now with our cybercrimes task force within the department is an effort to develop a comprehensive strategy to deal with that.

Deputy Attorney General Rod Rosenstein speaks with Governor Tim Pawlenty at the Financial Services Roundtable about a ‘cryptocurrency strategy.’ 

Digital Currencies and Encryption With No Means of Access

The Justice Department has recently dealt with bitcoin and other cryptocurrencies late last year during the investigation of the alleged BTC-e exchange operator. Further back in October of 2017 Rosenstein discussed the subject of digital currencies that were used in a fentanyl case that involved Chinese traffickers who used the internet to sell their wares. That month the Deputy Attorney spoke about encryption to a large crowd in Annapolis, Maryland asking for “responsible encryption.”

“When encryption is designed with no means of lawful access, it allows terrorists, drug dealers, child molesters, fraudsters, and other criminals to hide incriminating evidence,” explains Rosenstein.

What do you think about Deputy Attorney General Rod Rosenstein and the Justice Department’s idea to come up with a cryptocurrency strategy? Let us know what you think in the comments below. 

Images via: Shutterstock, Associated Press, and Wiki Commons.

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