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Criminality and Crypto

Hailey Lennon reflects on cryptocurrency’s reputation for being a haven for criminal activity and weighs in on why it is not a significant issue

Hailey Lennon, Partner at Anderson Kill, reflects on cryptocurrency’s reputation for being a haven for criminal activity.

Most new technology, like the early internet, is often used for illicit activity, until governments develop plans to deter criminality. From just 2019 to 2021, the percentage of cryptocurrency transactions tied to criminal activities has fallen significantly. In practice, cryptocurrency may be much less attractive to criminals than cash.

Discussion: What had you previously heard about criminality and cryptocurrency? Both Diego and Hailey touched on how in comparison to cryptocurrency, a greater proportion of fiat money is used to support criminal activities such as money laundering and terrorist financing; do you find this surprising? What would you tell others about what you’ve learned about the legality and relative safety of cryptocurrency?

Optional: Read more from Hailey on the narrative of Bitcoin’s role in criminal activity

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Cryptocurrency: Beyond Bitcoin Teach-Out

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