Secret Service Taking Strong Stand Against So-Called Privacy Coins

Privacy Coins

WASHINGTON—The U.S. Secret Service is taking a firm stance against privacy coins such as MoneroandZcash. A top official from the agency has reportedly sought help from Congress by asking lawmakers to make additional regulations for these coins to curb their use for illegal activities.

Robert Novy, deputy assistant director of the Office of Investigations, called these currencies, “one of the greatest emerging threats to U.S. national security” due to their use for illicit purposes, reported Blockchain News & Tech.

He was speaking at a House Subcommittee on Terrorism and Illicit Finance (Committee on Financial Services) hearing titled “Illicit Use of Virtual Currency and the Law Enforcement Response.”

“We believe it is in the best interest of the citizens of the United States, the U.S. Secret Service, and other governmental organizations to advocate for privacy rights and protect its citizens and businesses from harm,” Novy said during the hearing. “We should … consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies.”

He also asked for more congressional attention to these coins so that law enforcement agencies could maintain “lawful access to critical sources of evidence,” if and when the needs arise.

Following Novy’s testimony, the House of Representatives passed a bill to fight illegal use of cryptocurrencies that include Bitcoin, Dash, Monero and Zcash.

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Word Count: 287
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Copyright Year: 2019
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