Crypto Forensics Startup Elliptic to Urge Congress For Tougher AML Enforcement of Privacy Coins

Elliptic, a crypto analytic firm is set on recommending the US Congress demand tougher anti-money laundering (AML) rules for exchanges allowing of the trading of privacy coins. The firm is set to lay down recommendations at a US Congressional hearing that will discuss how cryptos are being utilized to facilitate human trafficking, CoinDesk reports.

On Wednesday the Human Rights Commission will attest as to how new technology has impacted the Trafficking Victims Protection Act to identify the new threats which should be addressed. One of the people who is set testify during the hearing is Elliptic head of policy Liat Shetret.

Tom Robinson Elliptic co-founder has revealed that the House Commission will look at how cryptocurrency is used on the dark web.

Shetret will produce to the House commission how the present tools can be used by the law enforcement agencies to keep track of the illicit cryptocurrency transactions. He also says that the US should be at the forefront in setting the pace for other countries in the creation of fresh regulations. He also stated that the FATF should be supported in its recommendations which can be used in the world.

A key recommendation that Shetret is set to give is that exchanges dealing with privacy coins have different set of tougher AML conditions.

According to Robinson past testimonies regarding human trafficking have been critical in the role played by cryptocurrencies leading to recommendations that Congress should have tougher rules in place to oversee the industry. He continued to explain that the current laws have been in place for the last twenty years and need updated, and what he intends to do is to show that the advent of analyzing blockchain transactions has led to a reduction of illegal utilization of the cryptos.

Shetret explained that while various types of crypto transactions are traceable, it is hard to trace privacy coins therefore it is important that the Congress and other regulators come up with new guidelines that will help exchanges as well as banks for dealing with privacy coins as well as people trading them.

Shetret also explained that the regulators should come with AML rules with lack of traceability in mind.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Justin Sun's P2P Streaming Service Acquires eSports Platform DLive; Now Launches BitTorrent X Ecosystem

BitTorrent Inc, the popular peer-to-peer data sharing protocol and app, has acquired the well-known decentralized streaming platform DLive. The firm also announced that it...

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today