Law enforcement is discussing cryptocurrencies and its users, and the outlook is cynical. The United States Secret Service has officially launched a “cryptocurrency public awareness hub,” complete with a video. This project is a means to provide educational tools that will combat the “illicit use of digital assets as well as provide public awareness information on digital asset security and how to ensure it remains secure.”
Read about the announcement from the horse’s mouth: https://www.secretservice.gov/newsroom/releases/2022/02/us-secret-service-launches-cryptocurrency-awareness-hub
According to Jeremy Sheridan, the Assistant Director of the U.S. Secret Service Office of Investigations, the initiative’s goal is to investigate financial crimes and “identify, arrest and prosecute those engaging in crimes involving digital assets.”
The Secret Service acknowledges that “digital and cryptocurrencies continue to become more popular forms of payments,” and the need to be prepared is crucial. The Secret Service’s first iteration of cryptocurrency was the Finance-Related Cybercrime Task Force, launched two years ago. This task force merely displayed concerns surrounding the potential threat of illegal online transactions within cryptocurrencies.
Cryptocurrency may, however, be redeeming its reputation as solely a tool for illicit activity and cybercrime as it used to be the currency of choice for Silk Road criminals and drug users.
Now in 2022, the Secret Service acknowledges that “Investments and transactions using cryptocurrencies and digital assets are not inherently criminal.” As blockchain technology increases transparency and in-depth monitoring, cryptocurrencies are no longer conducive to participating in illicit financial activities. It no longer makes sense. In short, if something occurs illegally, it will be done using cash.