It is a known fact that foreign countries might try to meddle in the elections of United States. That is why senators, as well as the authorities, are trying to find out ways to avoid this.
According to a cybersecurity consultant by the name of Scott Dueweke, foreign parties might use tools which provide them with anonymity in order to disrupt the US elections. In such a case, they might even think about using cryptocurrencies in order to further their agenda. Cryptocurrencies are easy to use for money laundering. This is one of the main reasons why this can be a tool of the trade when it comes to currency manipulation as well as influence on elections.
Also, it has been proven already that Russians had interfered in some or the other way in the US presidential elections in the year 2016. That is why it is not the incident which is unheard of. This is one of the main reasons why authorities, as well as the Congress, is trying to figure out how that can be avoided in the future.
At the hearing, the senators were told that it is possible that cryptocurrencies can be used for manipulation in the US elections. Also, as shares able to easily use these cryptocurrencies due to the open market in Russia. As a result, it becomes easier for the Russian government to use them to their advantage.
Currently, the Senate, as well as the Congress, is trying to determine if cryptocurrencies can be made safer for the country. However, this disclosure by some of the cryptocurrency security advisers is not a good indicator to go by.
This, in turn, will encourage the Senate to put in more rules and regulations when it comes to cryptocurrencies. As a result, the circulation of cryptocurrencies can be curbed as well. If the circulation of cryptocurrencies is curbed, most of the genuine investors also will not be able to invest in cryptocurrencies. As a result, the numerous investors who are genuinely trying to build a cryptocurrency portfolio will not be able to do so.
It remains to be seen, the reaction which is taken by the Senate in response to this disclosure. In almost all likelihood, Senate will surely increase the number of rules and regulations on cryptocurrencies to avoid such an outcome in the future. If that happens, the cryptocurrency markets will again go into a tailspin.
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