FBI Requests New Funding To Investigate Use Of Virtual Currencies

On June 21 the acting director of the FBI, Andrew McCabe, gave a speech to U.S. bureaucrats requesting a new budget for the fiscal year of 2018. The request proposal totals of $8.77 billion, and some of that funding will be appropriated towards investigating the use of virtual currencies by criminals who “obscure their transactions.”

Also Read: FBI Director: ‘There’s No Such Thing As Absolute Privacy’

FBI Budget Request Asks for $63 Million to Combat Cyber Threats and the ‘Going Dark’ Program

FBI Mentions Digital Currency Obscurity in 2018 Budget Request
Acting director of the FBI, Andrew McCabe.

During this year’s FBI budget hearing Andrew McCabe asked for continued support during the agency’s leadership transition period. McCabe has taken the place of former FBI director James Comey who was let go by President Donald Trump. The acting director has the same concerns as Comey did in regards to the challenges involved with gaining access to digital information.

The $8 billion dollar request will enhance eight programs that McCabe says are critical requirements for the agency’s day to day operations. Quite a bit of the funding will go towards fighting cyber crime and battling technologies that provide anonymity.

“$41.5 million to enhance cyber investigative capabilities, and $21.6 million for operational technology investments related to the ‘Going Dark’ initiative,” details McCabe’s report.

Virtual Currencies Obscuring Illicit Transactions

The ‘Going Dark’ initiative was first described by James Comey in the past who explained that technologies like encryption and digital currencies were making it difficult for the FBI’s investigations. The main point of the ‘Going Dark’ summary details that agents cannot access certain devices because of stronger encryption. Alongside this, technologies such as cryptocurrencies are being used to anonymize financial transactions tied to illicit activity.

Some of our criminal investigators face the challenge of identifying online pedophiles who hide their crimes and identities behind layers of anonymizing technologies, or drug traffickers who use virtual currencies to obscure their transactions.

Funding Will Help Improve the FBI’s Resources Against Key Threats and Challenges

McCabe’s transcript details that FBI agents are using “technical capabilities and traditional investigative techniques,” to mitigate “cyber threats” and the challenge of “going dark.” The report says the monetary request will help address “key threats and challenges that we are facing, both as a nation and as an organization.”

The detailed budget request comes at a time when the U.S. government and law enforcement agencies are showing an increased focus on digital currencies as “monetary instruments” used in criminal funding. Senate Bill 1241 dubbed the “Combating Money Laundering, Terrorist Financing and Counterfeiting Act” also asks government agencies such as the FBI, CIA, and Homeland Security to increase their efforts researching these technologies.

What do you think about the FBI’s budget request to combat cyber threats and those who obscure transactions with digital currencies? Let us know your thoughts in the comments below.

Images via Pixabay, and Getty Images. 

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  • Liberty88

    Andrew McCabe is the one who needs investigating. The FBI has done much to obscure and obstruct Congress from investigating the criminality of the Clinton and Obama activities. Andrew McCabe’s wife got money from the Clintons for her failed bid for office.
    Now we find out that the FBI was transporting samples of enriched and depleted uranium for the Clintons. Dirty To the top.
    The FBI needs a new strong leader that is not contaminated in order to restore it’s integrity.

    • sjs

      When did it last have ‘integrity’ ? J Edgar Hoover ? We all know what his private predilections were and he was the first director of the FBI. Get the picture?

      • Liberty88

        Yessir – touche…

  • David Arulnathan

    USD is used most to fund terrorism , Drugs and Porn!!…..

    • BitcoinTeo

      yes and #killery and #podesta get away with murder w her gang and gallivant above the law –

      investigate #pizzagate and to not let up until just-us is served –

      but “we nee Billions more to catch the evil #bitcoin”…

      what a #joke the #fbi has become…

      ex: DNC – “nope you cant look at our servers, bitches” – #SethRich – OK bitches – “clear the ER clear the hospital – we need to let in Killerys hit squad” –

      these are not the droids we are looking for… ($hit the mind control is not working so good) – its the bitcoiners…. yes… we need more funding to get them… forget about all the money we wasted with ZERO results….
      “give us more money”

      … how about ur fking fired…. and irrelevant….

      • Peter Venkman

        someone watched too many conspiracy videos on youtube lol

  • milmacrs

    If you americans want the US to remain the beacon of freedom in a world increasingly dominated by leftist narratives and actions (electing Trump was a good step to reverse this), and I hope you do, you should gather funding to do just the opposite. Investigate what the NSA and other US federal agencies are doing with their spy softwares, poking their noses on everyones lives, in and out of America, and fueling attacks like Wannacry and who knows what else. I am not american but I do admire and respect the US Constitution and its spirit of individual freedom and autonomy. I would certainly contribute to such initiative

  • Gary Sachs

    They may be better off taking the 63 Million dollar budget request and investing it into Bitcoins and then they can finance their initiatives out of the growth in Bitcoins.

    • BitcoinTeo

      yea but that would require them to use their brains….

      • Brian Menendez


  • Ravi Bhojwani

    Seems reasonable and timely given the growth of the market cap.

  • Mr Stones

    Um, if the FBI was serious about arresting pedos, they have a whole city of them in DC. What a joke, the FBI is nothing more than government goons at this point. Some might argue that’s all they’ve ever been.

  • Rene Vice

    Latest report on the Defense Department was that they are still using Floppy Disks. Do we honestly believe that the leaders in our government have even the foggiest idea about the tech behind cryptocurrencies???? Wasted tax dollars and pure rhetoric! The only thing the FBI is interested in doing is protecting traditional Wall Street dollars and the Federal Reserve. IF the U.S. were truly interested in understanding cryptocurrency, the SEC would have engaged in meaningful debate and conversation when considering the Winklevoss ETF.

    • JZA

      Long live the ‘save’ icon!!!

  • sjs

    Really, and when these ‘pedophiles’ are in prominent political positions and have been identified the FBI still does nothing about their criminal activities and crypto and encryption has nothing to do with it whatsoever.
    Secondly, anonymity in itself is not a crime whereas Ed Snowdon has shown that much illegal activity is conducted by government agencies under the cloak of their anonymity. Sickening hypocrisy.