According to the Secret Service’s instructional website, it plans to combat “illicit use of digital assets”. Also, give “public awareness information.”
The conversation about cryptocurrency and law enforcement’s treatment of crypto users is shifting. The US Secret Service has developed a bitcoin awareness site, complete with a cheesy PSA film.
The instructional tool aims to counteract “illicit use of digital assets as well as provide public awareness information on digital asset security.”. “Also, how to ensure it remains secure,” according to the company.
According to Assistant Director Jeremy Sheridan of the US Secret Service Office of Investigations, the hub concentrates on “investigating financial crimes”. “Detect, arrest, and prosecute those involved in digital asset crimes” is its stated purpose. However, it’s worth noting that the language and tone used to describe Bitcoin are positive.
Secret Service needs to be on top of its game. This is so “digital and cryptocurrencies continue to become increasingly popular forms of payment,” according to the launch website.
There was a two-year gap between when the Secret Service formed the Finance-Related Cybercrime Task Force and when the Bitcoin Awareness Portal launched. Concerns regarding the use of cryptocurrencies to undertake illicit internet transactions dominated the first wave of cryptocurrency-related activities.
Cryptocurrency’s reputation as a haven for cybercrime and illegal activity may finally be eroding. This is in what may be a small victory for the community. Until recently, Primarily, Silk Road drug dealers and users utilized cryptocurrency.
The Secret Service confirmed in 2022 that ” there is no necessary prohibition of investments and transactions using bitcoin and digital assets.”
In general, because of the ease with which blockchains can be monitored and tracked, employing cryptocurrencies on a transparent, backdating blockchain for criminal financial activity makes little sense. The Netflix-worthy Bitfinex story made this argument very obvious. The story is with improbable criminals: using blockchain to launder money is extremely difficult.