Christopher Wray said that we "can project out pretty easily that [crypto is] going to become a bigger and bigger [issue].”
Christopher Wray, the director for the United States Federal Bureau of Investigation, testified before the Senate Homeland Security Committee on November 5 as part of a hearing on national security threats on the United States. During his testimony, Wray commented that “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.”
“Whether or not that is the subject of some kind of Regulation as the response is harder for me to speak to,” he continued.
However, Wray did say that the FBI is keeping an eye on crypto, using the “tools that we have to try to follow the money.” He also commented that if the US fails to keep up with new technologies, it will eventually be “walled off.”
The comment came in response to a question by Senator Mitt Romney (R-UT), who was also the leading republican presidential candidate in the 2012 presidential elections. Romney asked Wray and other leaders from the FBI and National Counterterrorism Center about Cryptocurrencies, among other things.
“I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works,” Romney said. “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.”
Concerns elsewhere in the world
Wray’s comments come just one day after Peter Dutton, the Australian Minister of Home Affairs, said at a counter-terror conference in Melbourne that the increased use of a number of financial technologies, including stored-value cards, online payment systems, crowd-funding platforms, and digital currencies could pose a risk to national security.
“The anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities,” he said.
Earlier this week, Finance Magnates reported that eight Australian regulators had teamed up to express concerns about the launch of Facebook’s Libra project.
“The regulators which include the Australian Securities & Investments Commission (ASIC), the Office of the Australian Information Commissioner (OAIC), Austrac, and the Australian Competition & Consumer Commission had a meeting with the US executives of Facebook last month,” the report explained.
“The watchdogs are concerned that the privately-controlled digital currency will become a tool for cyber scammers and also alarmed by the privacy concerns. Like their global counterparts, the Australian regulators are also concerned about the money-laundering and terror financing aspects with the proposed digital currency.”
Christopher Wray, the director for the United States Federal Bureau of Investigation, testified before the Senate Homeland Security Committee on November 5 as part of a hearing on national security threats on the United States. During his testimony, Wray commented that “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.”
“Whether or not that is the subject of some kind of Regulation as the response is harder for me to speak to,” he continued.
However, Wray did say that the FBI is keeping an eye on crypto, using the “tools that we have to try to follow the money.” He also commented that if the US fails to keep up with new technologies, it will eventually be “walled off.”
The comment came in response to a question by Senator Mitt Romney (R-UT), who was also the leading republican presidential candidate in the 2012 presidential elections. Romney asked Wray and other leaders from the FBI and National Counterterrorism Center about Cryptocurrencies, among other things.
“I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works,” Romney said. “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.”
Concerns elsewhere in the world
Wray’s comments come just one day after Peter Dutton, the Australian Minister of Home Affairs, said at a counter-terror conference in Melbourne that the increased use of a number of financial technologies, including stored-value cards, online payment systems, crowd-funding platforms, and digital currencies could pose a risk to national security.
“The anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities,” he said.
Earlier this week, Finance Magnates reported that eight Australian regulators had teamed up to express concerns about the launch of Facebook’s Libra project.
“The regulators which include the Australian Securities & Investments Commission (ASIC), the Office of the Australian Information Commissioner (OAIC), Austrac, and the Australian Competition & Consumer Commission had a meeting with the US executives of Facebook last month,” the report explained.
“The watchdogs are concerned that the privately-controlled digital currency will become a tool for cyber scammers and also alarmed by the privacy concerns. Like their global counterparts, the Australian regulators are also concerned about the money-laundering and terror financing aspects with the proposed digital currency.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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