Blake Benthall: Crypto Companies Must Aid in Regulation
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.
On this page
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.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
