The United States Secret Service has openly admitted to not only owning crypto but also possessing its own NFT collection as well as acknowledging blockchain technology’s potential in combating financial crime. These revelations came during a recent ask-me-anything (AMA) session with representatives from the United States Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) on the popular subreddit, r/cryptocurrency.
Notably different from some regulators who still view crypto as an instrument for fraud and scams, the REACT task force commended the public and transparent nature of blockchains, regarding it as an “amazing opportunity” for crime fighters to track financial flows. The Secret Service has previously highlighted that the immutable nature of blockchain ledgers means illicit financial activities can be more effortlessly monitored and tracked compared to fiat in certain instances.
In a Netflix story featuring Bitfinex, it became evident that laundering money using blockchain is quite difficult. Responding to a follow-up question about the best way to conceal shady behavior on the blockchain, the Secret Service suggested that committing financial misdeeds in cash would be more efficient than using crypto.
When asked if the Secret Service held any cryptocurrency, the representatives confirmed that they were “definitely holders of crypto” and referred to themselves as crypto “enthusiasts” in subsequent responses. By owning crypto, they claimed to better understand the underlying mechanisms of the crypto world. In this regard, they recognized the vast majority of calls and reports received by their office generally involved crypto in some fashion.
The session also had some lighthearted moments, such as when a redditor asked if the Secret Service would consider launching its own “memecoin.” Instead, the agency took the opportunity to promote its own NFT collection available on OpenSea.
While the agencies responded to a wide range of questions during the AMA, the overarching theme highlighted the potential that blockchain technology has in crime fighting and financial transparency. The Secret Service’s positive stance on crypto and their own involvement in the space demonstrate an evolving perspective of cryptocurrency within government agencies and the larger financial ecosystem.
Source: Cointelegraph
