The situation is changing in how law enforcement officials discuss cryptocurrencies and treat their users. The US Secret Service launched a cryptocurrency awareness center with a stupid public announcement.
The educational tool aims to combat “the illegal use of digital assets, as well as educate the public about the safety of digital assets and how to keep them safe.”
Watch the video here:
The Secret Service: Securing the Next Generation Currency. Source: US Secret Service YouTube.
Jeremy Sheridan, assistant director of the US Secret Service’s Bureau of Investigation, said the center “investigates financial crimes.” It aims to “identify, arrest and prosecute individuals involved in crimes related to digital assets.” However, it is important to note that the language and tone used in relation to the cryptocurrency is positive.
The launch site acknowledges that “digital currencies and cryptocurrencies continue to become more and more popular methods of payment” so the Secret Service must be on top of the game.
The launch of the Cryptocurrency Clearinghouse comes two years after the Secret Service created the Finance-Related Cybercrime Task Force. The initial frequency of crypto-related activities only indicates that cryptocurrencies can be used to conduct illegal online transactions.
This could be a small victory for the crypto community: the industry may finally lose its reputation as a haven for cybercriminals and illegal activities. Cryptocurrency was reserved for Silk Road criminals and drug addicts.
On the topic: 4% of crypto whales are criminals, and $25 billion of them are: Chainalysis
However, in 2022, the Secret Service acknowledged that:
“Investments and transactions using cryptocurrencies and digital assets are not criminal in nature.”
Roughly speaking, the use of cryptocurrencies in a transparent blockchain makes no sense in retrospect for illegal financial activities due to the fact that the blockchain can be easily controlled and tracked. Bitfinex’s worthwhile Netflix story involving unlikely criminals made the point: it’s very difficult to launder money using blockchain.
In the end, if people want to get paid for doing bad things, they better take cash.
