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US senators ask DoJ to target online currency known as 'Bitcoins'

Jun 07 2011 Brett Wolf, Compliance Complete recommended

Two Democratic US senators have put pressure on the Department of Justice to do whatever is necessary to shut down an "untraceable" online currency known as Bitcoins, which purportedly allows tech-savvy drug users in the US and elsewhere to buy illegal drugs on the internet with virtual impunity. Senators Charles Schumer (D-NY) and Joe Manchin (D-W Va) submitted a letter to Eric Holder, the attorney general, and Michele Leonhart, the administrator of the Drug Enforcement Administration, which expressed grave concerns about Bitcoins. The letter prompted an online discussion among Bitcoin enthusiasts regarding whether the US government was capable of identifying and seizing key bank accounts and thereby stifling the currency. The senators' letter cited information contained in recent press reports which suggested that some high-tech individuals were using an "anonymizing network" known as TOR to gain clandestine access to a relatively new web site called Silk Road, which acts as a

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