New guidelines for enforcing cryptocurrencies from the Department of Justice (DoJ) have received negative reactions from parts of the cryptocurrency community.

The Justice Department report released earlier today by US Attorney General William Barr aims to address “extremely serious public safety threats” to the cryptocurrency.

After the words “crime” or “criminal” were quoted 168 times in the 83-page document, many in society interpreted the Justice Department’s position as a direct attack on the cryptocurrency that marks the entire sector as a path to crime.

CSO Coinshares Meltem Demirors described the policy paper as “a trade list for any financial crime known to cipher,” noting that the US Justice Department’s dominance in providing examples of the criminal use of cryptocurrency is not among the myriad of legitimate cryptocurrency tools. Assets.

That sentiment was echoed by many on Twitter, and a somewhat typical response from CryptoPennyCO25, who believes the DOJ report is simply trying to put cryptography in a bad light:

Someone in the Ripple Community (XRP) jumped into the report saying, “Ripple Labs has willingly ignored many of BSA [Banking Secrecy Act] requirements.”

Ripple CEO Brad Garlinghouse suggested the report, and the overall approach of the United States is far from clear:

“The controversial report of more than 70 pages is not clear about the rules – many responsible private actors try to follow the rules, but this becomes more difficult when there are no sole referees.”
The deal echoes across the XRP Army with Twitter user Massimo, who said the report is another version of “fun games without sensors” that doesn’t address what we really need here to mature the space and make it organic, safe, and meaningful. The Road. … ”

Earlier this week, Ripple’s co-founder Chris Larsen said the company was considering moving to the UK, Switzerland, Singapore or Japan due to the government’s lack of regulatory clarity.

This new Department of Justice structure could accelerate Ripple’s decision – and Garlinghouse has suggested other companies may follow suit. He added that unless clearer instructions were given, “companies will transfer their investments (or the entire company) abroad.”

However, not everyone in the crypto community was against the new architecture. General Counsel Jake Chervinsky described this as a positive development:

“Guidance like this comes infrequently and is very helpful in understanding government regulatory and enforcement priorities. We should all read this carefully.”

Source: CoinTelegraph