How widespread is Crypto Crime On Thursday, Rep. Tom Emmer to | GoMining News

How widespread is Crypto Crime

On Thursday, Rep. Tom Emmer told Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, how he is wrong about crypto being used mostly for funding illicit activities.

Crypto-skeptic Kashkari said this week at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Montana, that cryptocurrencies are “95% fraud, hype, noise and confusion.” In addition, he said, “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.”

Responding to Kashkari’s comments, Emmer tweeted Thursday:

Crypto-based crime represented only 0.34% of the entire transaction volume in 2020. Unfortunately, most crime is still conducted with the cash you print.

Indeed, in your opinion, aren't American politicians and crypto-skeptics exaggerating the threat of involving cryptocurrencies in crimes? What do you think needs to be done to eradicate such sentiments in regards to crypto?