Opacity of Cryptocurrency Has Empowered Tyrants Like Iran

United States Air Force Brig. Gen. John Teichert (Ret.), a leading expert on foreign affairs and military strategy, has joined the call by sheriffs, attorneys general and other law enforcement officials urging for the digital assets legislation before Congress to be revised to close major gaps that incentivize and enable illicit activity. 

In a recent op-ed published by Real Clear Politics, Brig. Gen. Teichert uses Iran as a case study for why closing the gaps in the current version of the Clarity Act is a national security imperative:

“Iran’s growing interest in digital finance to hold the world hostage in the Strait of Hormuz provides a compelling tipping point fo rCongress to act promptly and properly to snuff out the stench of rotten international and criminal activity that is profoundly harmful to U.S. interests. It is a national security imperative.

“The Senate Banking Committee recently advanced this legislation without closing major gaps that incentivize and enable illicit activity. Significant problems remain with accountability, authority, oversight, and enforcement. As the full chamber of the U.S. Senate considers this important legislation, they must slam shut the door of malign activity and sew shut the gaps that hostile actors and malign regimes actively exploit.

“America should lead in digital asset innovation, but we must not allow emerging technologies to weaken one of the most important tools of modern-day national power. The U.S. Senate must intentionally structure the Clarity Act with these issues at the forefront as they prepare to send it to the president’s desk. Anything less would undermine American strength, shortchange our financial leverage, and diminish our national security.”

A commonsense approach to our nation’s crypto growth will help close major security gaps and strengthen America’s security.