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– TIMESTAMPS –
2:21 Who wrote the Framework?
6:40 Part 1 – Basics
8:39 Part 2 – laws and regulatory bodies
10:51 Part 3 – Regulations
12:45 Framework right about crypto?
19:50 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► The full Cryptocurrency Enforcement Framework: https://www.justice.gov/ag/page/file/1326061/download
► Deep web and darknet explained: https://computer.howstuffworks.com/internet/basics/how-the-deep-web-works.htm
► 1000x Group study about crypto on the darknet: https://news.bitcoin.com/bitcoin-cash-10-darknet-sales/
► Monero explained: https://www.youtube.com/watch?v=SDY66WNuXbw
► The BEST privacy coins: https://www.youtube.com/watch?v=sgmvsB1omx0
❓Who wrote the Framework? ❓
The Cryptocurrency Enforcement Framework was written by the Attorney General’s Cyber Digital Task force, a 7-person team with long histories of experience in intelligence and law. The Framework was written with the help of 14 contributors, only one of whom seems to have in-depth knowledge of cryptocurrency. It does not prescribe any new regulations.
The Framework seems a bit outdated and most of it was likely written in 2018-2019, shortly after the Cyber Digital Task force was established. . There is also a visible bias against cryptocurrencies throughout the entire document.
🧐 Framework Part 1 🧐
The first part of the Framework does a good job of explaining the basics of cryptocurrency. However, it does a poor job of discussing the benefits of cryptocurrency. Only 3-4 paragraphs of the entire document are allocated to discussing benefits. The rest of the document, especially the first section, focus on threats to individual safety and national security that cryptocurrency poses.
According to the Framework, cryptocurrencies are used to: finance terrorism, hide financial activities, and commit crimes. Numerous case studies are given here to support these claims. Many of these relate to the use of cryptocurrency on darknet markets. The Framework warns in this section that any cryptocurrency related businesses which violate regulations could be subject to sanctions in the United States.
🗃 Framework Part 2 🗃
The second part of the Framework details the various sections of the criminal code which are relevant to cryptocurrency. Most of these involve various types of financial crimes such as fraud. It also goes through the numerous government agencies which are involved in regulating cryptocurrencies. These are the DOJ, FinCEN, OFAC, OCC, SEC, IRS, and CFTC. These parties also work with the FATF.
FinCEN wants all cryptocurrency related products, including decentralized applications such as decentralized exchanges, to require KYC documentation to use. The SEC is the authority which regulates initial coin offerings.
👮♂Framework Part 3 👮♂
The third part of the Framework discusses ongoing challenges faced by regulators and possible future strategies they intend to use. The DOJ notes that use of privacy coins is “indicative of possible criminal activity” and that they are seldom auctioned off to the market when seized by authorities.
Subtle warnings are given to those using or operating cryptocurrency mixers as well as companies offering cryptocurrency services to US citizens that are located overseas. The document concludes by calling on cryptocurrency companies to help governmental authorities write new regulations for cryptocurrency.
🕵️♂Is the Framework right? 🕵️♂
There is very little evidence to show that cryptocurrency is being used by terrorists or to finance terrorist activities on a meaningful scale. To be fair, that information could be classified. While cryptocurrencies are used for financial crimes, they are far from the preferred method of payment for scams and money laundering.
Cryptocurrency is the preferred method of payment on the darknet markets. However, very few cryptocurrencies are accepted as payment by darknet markets. Privacy coins are also gradually becoming the preferred method of payment on the darknet. It is unclear how cryptocurrency stacks up against fiat use on the darknet.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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