$ 20,170.00
$ 1,136.67
$ 0.999596
$ 0.457276
$ 0.323866
$ 0.999747

Crypto Feared to be “9/11” Level Potential National Security Threat by US Legislators

Fears of National Security arise as Washington discusses the progression of decentralized finance and cryptocurrency, and its potential benefits and repercussions.

Skepticism of the benefits of cryptocurrency grows by the day in Washington as the new plans to include digital asset trade reporting among other crypto-related transactions are proceeding.

The US House of Representatives Financial Services Committee representative Ted Budd has shed light on the inner thoughts of Washington regarding whether or not crypto is revolutionary or detrimental to the United States. Budd declared for MakerDAO that in the midst of devising regulations for stablecoins, the perils of these securities involve scamming small and medium enterprises.

Ted Budd stipulated that officials within the White House and the Senate are regarding cryptocurrencies as a high-level national security threat or a financial 9/11 because of the decentralized nature of blockchain technology. With international politics being centralized and the US maintaining a hegemonic position globally, decentralized finance is suspected to pose threats to national security over fears of Dollar destabilization, sovereignty threat, and also the absence of intermediary financial institutions to partake in this future financial system.

Related: Crypto Taxes are Part of a New Infrastructure Bill that Aims to Raise $30 Billion

Nonetheless, Ted Budd openly stated that he did not share the indignations of his peers, nor did he dismiss the caution with which the regulation of cryptocurrencies should be facilitated. Budd said that he disagrees with this view simply because the US has to fully embrace regulated crypto. If the US dismisses the imminent prominence of cryptocurrencies, hostile countries may use this disadvantage to please their own agenda. Hence, the correct approach for the US would be ground zero for the blossoming of this particular technology.

The concern with stablecoins though is being considered internationally. Janet Yellen, the United States Treasury Secretary declared that swift action is needed for these risks to be minimized as soon as possible. The considered risks involve the unique opportunity to find loopholes in the Bank Secrecy Act regulations for anti-money laundering and the United States Treasury’s Financial Crimes Enforcement Network (FinCEN) money transmitter regulations. The main problem that should be addressed is decentralization and how this is hindering governments from giving answers when there is no central authority to answer.

Also read: PayPal May Integrate Decentralized Finance (DeFi) Amid Plans to Unveil Cryptocurrency Trading in the United Kingdom

Also read:

Related News

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »
The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »

My Coins

$ 20,170.002.8%
$ 1,136.673.36%
$ 0.4572761.57%
$ 0.9995960.05%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: