Episode 307: Crypto Crimes with CipherTrace

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Today, guest host Nikki Del Principe is joined by Dave Jevans, CEO of CipherTrace. Dave begins by telling us how he first discovered crypto in 1999 when he got involved in the Cypherpunk movement and how that led him to become a founder of CipherTrace. The goal of CipherTrace is to make cryptocurrencies globally available and safe for everyone, including banks and other financial institutions. CipherTrace provides services to crypto exchanges to ensure that their customers are not using their platforms to launder money or engage in other criminal activities.

CipherTrace recently launched a Central Bank Digital Currency Initiative, and Dave discusses the initiative’s prioritization of security, privacy, and compliance. When it comes to mass adoption of digital currencies, Dave emphasizes the need for a contactless solution, such as debit cards, that doesn’t require a smart phone with internet connectivity to use. Summarizing the findings from CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report, Dave conveys that the cryptocurrency space is much more safe now than it was in the past. CipherTrace has been participating in regular meetings with the Financial Action Task Force (FATF), and Dave provides an overview of the FATF’s proposed Travel Rule guidelines that may go into effect for cryptocurrency transactions this June.

Dave predicts that this year we will see more large banks supporting cryptocurrency businesses, which is encouraging for mass adoption. He also believes debit and credit cards that allow users to spend cryptocurrencies are on the rise. Finally, Dave debunks the myth that blockchain analytics involves spying on people when the reality is blockchain analytics helps keep the cryptocurrency ecosystem safe.

Topics covered:

– What got Dave interested in cryptocurrency

– Overview of CipherTrace’s services

– CipherTrace’s Central Bank Digital Currency Initiative

– Technical hurdles to crypto implementation and mass adoption

– How COVID-19 has influenced adoption rates

– What has happened in 2020 regarding crypto crime so far

– Ensuring industry compliance with regulations

– The necessity of pushing technology to catch up to compliance standards

– Predictions about adoption and the need for wider consumer accessibility

– Making easier onramps into the crypto space to facilitate adoption

– Blockchain analytics and privacy: why you don’t need to worry

Links to Resources:

CipherTrace website: https://ciphertrace.com/

CipherTrace blog: https://ciphertrace.com/blog/

CipherTrace Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report: https://ciphertrace.com/spring-2020-cryptocurrency-anti-money-laundering-report/

TRISA website: https://trisa.io/

Check out this episode!