By Patrick Woodall

More criminals, cartels, human traffickers, terrorists, rogue states, and sanctions evaders are using cryptocurrencies to hide and launder transactions and profits than ever. Crypto’s complex, cross-border, irreversible, high-speed, and easily anonymous transactions makes it the perfect vector to conceal hundreds of billions of dollars in illicit finance. The stark reality is that this money laundering and illicit financial activity is one of the only use cases for crypto (aside from speculative gambling).

It is an astronomical amount of dirty money sloshing around the crypto ecosystem:

This undermines our national security and law enforcement by easily letting terrorists, rogue states, sanctioned…