(TheLibertyRevolution.com)- It looks like the Biden administration is finally cracking down on cryptocurrency.
On Thursday, the United States Department of Justice put veteran computer crimes prosecutor Eun Young Choi in charge of a brand-new cryptocurrency enforcement team within the FBI.
While the move appears to be an effort by the federal government to crack down on crime committed in relation to the cryptocurrency space, it’s also an indication that the government is ramping up its control over the space.
The new FBI unit will focus, at least at first, on virtual asset seizure and blockchain analysis, suggesting that the government may also seek to create new powers that allow for the easy freezing and identification of virtual assets of American citizens.
The decision was announced during a speech at the Cyber Security Conference in Munich. Deputy Attorney General Lisa Monaco confirmed Choi’s hiring, noting in the speech that she would be the first director of the brand-new National Cryptocurrency Enforcement Team.
Choi previously led the case against a Russian cyber hacker who stole information from over 80 million JP Morgan & Chase customers. She also spent around ten years working as a cybercrime coordinator.
Choi said in a statement that the department will be at the “forefront” of investigating and prosecuting crimes involving digital currencies, and that they will even focus on cases going back to the inception of cryptocurrency.
There are a couple of ways to look at this. The first is to look at it at face value and accept that cyberattacks and hacking are more common than ever and cryptocurrency enforcement teams will help reclaim money that is lost as a result of these schemes.
However, pessimists could easily view this as the next step in a power grab from a federal government that doesn’t like the idea of a decentralized currency.
What do you think?