The Secret Service seeks to counteract “illicit use of digital assets” and give “public awareness information,” according to the instructional website.
The way law enforcement officials talk about cryptocurrencies and approach crypto users is changing. The Secret Service of the United States has developed a bitcoin awareness portal, complete with a corny public service announcement film.
The instructional tool aims to counteract “illicit use of digital assets as well as provide public awareness information on digital asset security and how to ensure it remains safe,” according to the press release.
The hub focuses on “investigating financial crimes,” according to US Secret Service Office of Investigations Assistant Director Jeremy Sheridan. Its goal is to “detect, arrest, and prosecute people involved in digital asset crimes.” It’s important to note, however, that the terminology and tone employed in relation to Bitcoin are favourable.
“Digital and cryptocurrencies continue to become more popular forms of payment,” according to the launch website, emphasising the need for the Secret Service to be on top of its game.
The Secret Service established the Finance-Related Cybercrime Task Force two years ago, and the debut of the bitcoin awareness portal comes two years later. The first wave of cryptocurrency-related activities only expressed worry about the potential for cryptocurrencies to be used to conduct criminal internet transactions.
In what could be a tiny victory for the cryptocurrency community, the industry’s reputation as a shelter for cybercrime and illicit behaviour may finally be fading. Silk Road criminals and drug users used to be the only ones who used cryptocurrency.
The Secret Service, on the other hand, admits in 2022 that:
“Cryptocurrency and digital asset investments and transactions are not inherently unlawful.”
In general, because to the ease with which blockchains can be monitored and tracked, employing cryptocurrencies on a transparent, backdating blockchain makes little sense for criminal financial activities. This argument was made very evident by the Netflix-worthy Bitfinex storey with improbable criminals: it is extremely difficult to launder money using blockchain.
In the end, if people want to get paid to do awful things, cash is still the greatest option.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.