Crackdown on Illicit Use of Crypto

Localbitcoins Trader Sentenced to One Year in PrisonIn the sentencing documents, the government claimed that Tetley’s business “fueled a black-market financial system,” citing “the growth of the dark web and the use of digital currency, unlicensed exchangers provide an avenue of laundering for those who use digital currency for illicit purposes.”

The U.S. Government has been actively trying to crack down on the illicit use of cryptocurrencies.

Last month, a high-ranking official of the U.S. Secret Service gave a testimony before the House of Representatives. He urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains.

Also last month, the House unanimously passed Bill H.R. 6069 to help prevent the illicit use of cryptocurrencies, including bitcoin, dash, zcash, and monero.