Sen. Margaret Wood Hassan, D-N.H., has asked the Department of Justice about authorities used by agencies within DOJ to regulate U.S. cryptocurrency exchanges, kiosks, over-the-counter cryptocurrency trading desks and their users.
Hassan wrote a letter to Attorney General Merrick Garland Thursday asking if additional civil or criminal penalties could help DOJ agencies prosecute and prevent the criminal use of cryptocurrency.
The senator made the inquiry amid the increasing use of the new financial technology for criminal purposes.
She asked Garland whether a requirement for an additional waiting period to convert fiat money into cryptocurrency could help DOJ agencies retrieve funds before they are converted and become unrecoverable and whether such a requirement is allowed under existing authorities.
Hassan also highlighted the importance of having more stringent know-your-customer requirements in improving transparency in U.S. and international cryptocurrency markets.