The founder of Chainalysis, Jonathan Levin, told a Senate panel that the United States should focus on investing in digital assets. The main reason for this objective is to increase financial transparency, public safety, and national security.
During his speech to the Senate Committee on Banking, Housing, and Urban Affairs, Levin stated some important facts. In addition, he argued that the United States should be a leader in defending its interests. According to Levin, digital assets would be a necessary first step to remain at the forefront.
In his statement, Levin noted that cryptocurrencies such as Bitcoin and Ethereum have huge potential. In regard, they can promote financial transparency and open up whole new channels for trade.
Furthermore, Levin feels that blockchain technology is a great tool for increasing transparency. Thus, this is a leverage point that the United States should take. However, blockchain technology is not being used to its full potential.
Moreover, Levin added that they must continue to invest in financial technology. This must be a priority to ensure that the financial railroads of the 21st century are built. He thinks that a well-supported crypto market may help expose unlawful financial practices.
Crypto Regulation As a Top Priority For Politicians
According to Chainalysis’s 2022 Crypto Crime Report, illegal trading volume reached 79% in 2021. Regarding this issue, many experts agree with Levin. Therefore, crypto should be a top priority for politicians.
The CEO of Chia Network, Gene Hoffman, claims that money laundering is a usual phenomenon worldwide. According to him, money laundering is not a phenomenon of cryptocurrencies since criminals launder more money using U.S. dollars than cryptocurrencies.
In the event of crypto, Hoffman notes that regulation by the government would be a good idea. Moreover, he states that crypto does not block money flow just because of money laundering. In addition, Hoffman emphasized some benefits of crypto utility. Everyone may have access to crypto. This is possible because crypto removes the need for country-specific systems.