Zcash [ZEC] responds to Secret Service testimony – A privacy-protecting currency

The United States Secret Service had recently, in a prepared testimony, asked the Congress to intervene and help in preventing the use of cryptocurrencies for fraudulent purposes. Robert Novy, Deputy Assistant Director at the Office of Investigations United States Secret Service mentions:

“My testimony describes our observations on trends and patterns related to digital currency, as well as some of the challenges that may warrant Congressional attention.”

Zcash Company's tweet | Source: Twitter

Zcash Company’s tweet | Source: Twitter

Some of the criminal activities that are done using cryptocurrencies as mentioned in the testimonial are crypto-jacking, thefts of private keys, ransomware, and attacks on blockchain networks themselves.

The testimonial written by Robert Novy raised concerns in regard to digital currencies being utilized for criminal schemes that undermine the morality of the financial and payments institution, it directs towards the use of these currencies for money laundering.

Zcash, in their response, bought into attention that their mission emphasizes on empowering “everyone” with economic freedom and opportunity. They also mentioned that the “company” has been created with the whole purpose of supporting Zcash which is a privacy-protecting, digital currency built on strong science. Their article also mentions:

“We believe it is in the best interest of the citizens of the United States, the US Secret Service, and other governmental organizations to also advocate for those rights and protect its citizens and businesses from harm.”

On the flip side, Zcash’s article also brings into attention about a press release that the “New York Department of Financial Services [NYDFS]” had issues granting “Gemini” custodial and listing services for Zcash. In the release the NYDFS states:

“Virtual currency license applicants are subject to a rigorous review of anti-money laundering, capitalization, consumer protection and cybersecurity standards.”

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