While Senator Romney and the rest of the Senate might be getting ready to hear the impeachment trial of President Trump, he is also thinking about ‘Action as a Nation’ in regards to Bitcoin.
Senator Romney believes that Bitcoin and other cryptocurrencies could pose a national security threat to the United States.
During a recent hearing in the US Senate Committee on Homeland Security and Governmental Affairs, Senators asked leaders from the FBI, Homeland Security and the National Counterterrorism Center, questions on “Threats to the Homeland”. Senator Romney raised some questions about whether the US should take action on crypto, or not worry about it.
The FBI responded about how cryptocurrencies are a ‘significant problem that will get bigger and bigger’.
Senator Romney replied, “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.”
FBI Director Wray noted that crypto is already a big problem. Stating that “well certainly 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. But Director Wray couldn’t speak to whether or not we needed regulation on cryptocurrencies just yet.
Director Wray was being careful not to provide any policy or regulatory recommendation in this hearing. But he did note the issues of cryptocurrencies and how they are already being used by terrorists.
The reason why many are so scared about crypto is the fact that you can’t track where the money came from and where it’s going. Making it easier for criminals to launder money or worse.