Secret Service Urges Govt to Regulate Privacy-Focused Crypto Coins

Secret Service Urges Govt to Regulate Privacy-Focused Crypto Coins

Deputy Assistant Director Robert Novy of the US Secret Service reportedly urged Congress to consider tighter regulations against “anonymity-enhanced” cryptocurrencies such as Monero and ZCash.

Novy emphasized that Congress needs to ensure that law enforcement agencies have legal access to critical sources of evidence, regardless of where, or in what form, that information is stored.

Greg Nevano from Immigration and Customs Enforcement agreed with Novy’s recommendation and added that the “privacy coins” are often used for illicit activities to undermine legitimate law enforcement inquiries. However, Nevano said that while difficult, it is not impossible to follow the movement of funds involving privacy cryptocurrencies.

Source: Smartereum

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