A former US Federal Prosecutor has come forward at the European Money 20/20 conference in Amsterdam yesterday in support of the crypto industry. Mary Beth Buchanan spoke at the panel about how we need to get rid of negative connotations surrounding crypto markets.
Her most relevant point expounded on the reality that a lot more crime has been committed using fiat currency than anything related to cryptocurrencies. While admittedly recent reports show that almost 25% of Bitcoin users may be involved with illicit activities, this is still tiny when compared with overall crime statistics.
Crypto enthusiasts would have known for years that the use of crypto in crimes doesn’t correlate to an increase in crime due to the prevalence of cryptocurrencies, but to hear support of the notion from a voice in the legal system will surely be a welcome narrative.
In fact, due to the rise in tools available to track cryptocurrencies, fiat cash would now be far less traceable than anything using digital means. Tools like Elliptic and Chainalysis have been developed in order to detect money laundering, fraud and other financial crimes involving digital assets moving on blockchain technology.
Buchanan, who now works as General Counsel for the Kraken exchange, mentions how regulators need to educate themselves and update their practices in order to keep up with new technologies. Current legislation is outdated and law enforcement don’t appear to understand the tools available to them to deal with these new digital crimes.
It serves as a great benefit to the cryptocurrency world to have an ex-government employee from the legal sector supporting blockchain technology. Buchanan is a strong advocate for the adoption of the technology and touts the advantages and cost effectiveness of blockchain tools around the world.
Hopefully, a rise in support such as this and more positive news stories focusing on the advantages of blockchain technology will help to reduce the negative image that the media has drummed-up connecting crypto with crime.
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