The US Secret Service owns cryptocurrencies, has its own collection of NFTs, and praised blockchain technology's ability to fight financial crime, Reddit users learned in a recent “Ask Me Any Question” (AMA).
Representatives from the US Secret Service's San Francisco field office and the Bay Area Law Enforcement Joint Computer Team (REACT) took questions from members of the subreddit r/cryptocurrency publicly on May 15. While some regulators still view cryptocurrencies as a tool for fraudsters and scammers , the REACT working group hailed blockchain's open and transparent nature as a “great opportunity” to fight criminals tracking the movement of money.
The Secret Service has previously noted that the immutability of blockchain ledgers means that, in some cases, illicit financial activity is easier to monitor and track than fiat currencies. The upcoming Netflix feature Bitfinex story involving some unlikely criminals m akes the point very clear: using blockchain to launder money is very difficult. In response to a follow-up question about how best to hide shady behavior on the blockchain, the Secret Service said that if people want to do dodgy things financially, it's better to do it with cash than cryptocurrency. Another Redditor asked if the Secret Service itself held cryptocurrencies, to which the authorities said they were “definitely cryptocurrency holders,” calling themselves cryptocurrency “enthusiasts” in a later response.The agency stated that owning cryptocurrencies helps them better understand the deeper mechanics of the crypto world.
"Some degree of ELI5'ing is required in almost most cases. It's kind of a running joke around here," the agency explained, referring to the popular subreddit r/explainlikeimfive for the acronym "ELI5." When asked if they saw any notable differences Between cryptocurrency crime and illicit activity in traditional finance, the Secret Service noted that the "vast majority" of calls and reports to their office typically involved crypto in some way.
"They Differ from Fiat Investigations in Many Ways, Both in Good and Bad Ways, But Most Notbly in that Crypto Transitions Are Irreversible and Immutable. Bodies Answered A Wide Range of Serious Questions, there was also some fun during the conference. When a Redditor asked if the Secret Service would consider launching its own “memecoin,” the agency responded by inserting its own collection of NFTs on OpenSea.
