📣 Blake Benthall: Crypto Companies Must Aid in Regulation
posted 22 Aug 2024
Blake Benthall asserts that the U.S. government needs to collaborate more closely with cryptocurrency companies to create effective regulations and ensure compliance with the law. He believes that some officials advocate for strict measures due to their misunderstanding of new technologies.
Benthall, a crypto enthusiast, was the mastermind behind the illegal online marketplace "Silk Road 2.0," where drugs and other unlawful items were traded. He was arrested in 2014 but, in exchange for avoiding a life sentence, he agreed to assist the FBI in hunting down other crypto-related criminals.
Unlike traditional finance, where account ownership is clear-cut, crypto transactions can involve multiple and unclear ownerships, necessitating a more sophisticated regulatory approach,Benthall explains.
Benthall believes that many crypto projects have deep expertise in blockchain technology and should convey this knowledge to regulators to avoid the implementation of ineffective rules and laws that could not only fail to enhance security and privacy but might actually undermine them.
Vincent D’Agostino, a former FBI agent who worked with Benthall, holds a similar view. However, he points out that the reluctance of crypto companies to cooperate with authorities allows critics of digital assets to continuously attach negative labels that are challenging to shake off.
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