John McAfee is out with yet another cryptocurrency-related remark. The former security-guru recently went on to argue that cryptocurrency firms should not need to accept the responsibility of overseeing the entire sector.
Should crypto firms deal with all crypto crime?
To preface, this is arguably not a controversial statement. Rather, cryptocurrency observers have long said that it is not reasonable to attribute the usage of cryptocurrency to the crypto firms active within the industry. Some have notably said that this is like making the US Federal Reserve responsible for every crime that relates to American dollars.
McAfee said that authorities shouldn’t go on to require cryptocurrency firms and trading platforms to solve the issue of malicious crypto activities. Rather, this should be something that is not under the purview of the individual cryptocurrency firms.
Instead, McAfee states that he believes that the ”societal impact of giving people freedom from an overburden and corrupted government” will always be front and center when it comes to cryptocurrencies.
Moreover, this will always win out over ”what small part criminals are going to play in this technology”, according to McAfee. He also goes on to argue that it is not reasonable to put the responsibility of regulating the entire sector on individual companies. Specifically, McAfee said:
”You can’t put that responsibility on me as an entrepreneur. You can’t require me to assist you in preventing what might be a future crime.”
Although McAfee is arguably right in believing that the cryptocurrency sector cannot singlehandedly fight illicit use of cryptocurrency assets, some firms are still taking a stance to prevent any further misuse of cryptocurrency assets.
Crypto still needs to keep up the fight against illicit crypto activity
For example, some of the cryptocurrency industry actors are becoming increasingly proactive when it comes to fighting against crypto-related crime. Not long ago, the blockchain analytics firms Chainalysis went on to launch alerts for suspicious transactions across 15 different exchanges.
Moreover, the importance of cryptocurrency-related crime is nonetheless on the rise. As Bitcoin and other cryptos become more adopted, the potential consequences of any malicious activity will only continue to increase.
For example, Chainalysis recently said that around 64% of ransomware attack cash-outs involved laundering cryptocurrencies via cryptocurrency exchanges. This only serves to highlight the fact that cryptocurrency is susceptible to crime.
However, McAfee’s recent comments may likely hold some truth. Although it is also true that the crypto sector should ideally reduce the amount of crime related to it, it is nonetheless hard to argue that this should be the responsibility of the companies that have given birth to the industry to begin with.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.