The security protocols for the cryptos might just need some refining as clear from recent scams and fraudulent activities, but Jake Chevrinsky from Kobre Kim LLP suggests the additional layer for the US security framework will hopefully do the trick for it. The security is much harder to breach even over the crypto layers which is a thing of beauty but the scammers find a way just to do so. Chevrinsky puts the scope over the bigger fish that needs instant frying in order to elevate the crypto status as a legitimate currency. The money laundering has been a serious concern for the fiats with major personalities involved in it some way or another. When the crypto get regulated, there will come a time when the launderers start targeting the cryptos shredding the entire concept of the cryptos to pieces, to give the power to every basic user and to empower them in any way possible. The blockchain technology can only assure that the transactions are done right and are informed to every node, not the content but the hint of transaction. The rest must be catered by the US anti-money laundering laws and the set rules that must be complied with by every person who intends to deal with his crypto money. Chevrinsky talking to BlockPublisher was able toe clarify things over the fact that the current system will definitely need some rebooting in the anti-money laundering department.
The US laws everyone is to abide by, regarding the security issues are somewhat great in dealing issue that the crypto industry faces and will concoct the perfect blend with the crypto technology. The thing of concern is the US anti-money laundering laws that need to be remodelled in order to fight the heinous money laundering that can clog the crypto market too.
The current laws that are set to prevent money laundering will not working or support effectively the crypto technology and needs to be changed as Chevrinsky puts it as but the thing is, the US laws can only guide the cryptos and be incorporated into the crypto circle in case the cryptos are regulated by the concerned authorities.
There has always been issues with the incumbent institutions that are given the responsibility to enforce certain laws to include complexities that usually haunt the normal folks. This must also be taken into account as the government develops new laws so as to facilitate the user to a possible maximum. Chevrinsky throws light over this avenue of the situation too in an elaborative manner.
…no matter how well or poorly a statutory framework fits a new industry or technology, the government is quite skilled at making compliance painful & expensive for everyone.