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US Secret Service Uses Blockchain Technology and Holds Cryptocurrency in a Reddit AMA

2023-05-16 15:13:30

On May 15, the U.S. Secret Service responded to a variety of inquiries and discussed their little-known NFT collection in an AMA session with a crypto-themed theme on Reddit.

Source: Reddit

During a recent ask-me-anything (AMA), Reddit users discovered that the US Secret Service owns cryptocurrency, has its own NFT collection, and has complimented blockchain technology's capacity to combat financial crime. On May 15, personnel from the Bay Area Regional Enforcement Allied Computer Team (REACT) and the San Francisco Field Office of the United States Secret Service allowed members of the r/cryptocurrency forum to interview them. The REACT task committee praised the open and transparent character of blockchains as an amazing opportunity for law enforcement to follow the movement of money, despite the fact that some regulators continue to see cryptocurrency as a tool for fraudsters and scammers.

The Secret Service has previously argued that because the blockchain record is unchangeable, it might sometimes be easier to monitor and track criminal financial activities than cash. This argument was made very evident by an upcoming Netflix crypto exchange story about some unexpected criminals: it's incredibly difficult to launder money using blockchain.

In response to a follow-up query regarding how to best conceal questionable behavior on the blockchain, the Secret Service stated that it is preferable for people to accept cash rather than cryptocurrency when engaging in questionable financial practices. Another Redditor questioned whether users, not the Secret Service themselves owned cryptocurrencies, and the organization responded that they definitely held cryptocurrency and later identified themselves as enthusiasts of the technology. According to the agency, having cryptocurrency gives them a greater understanding of the inner workings of the industry.

The US Secret Service Has Launched a Crypto Awareness Hub Since Cryptocurrency Is Not Illegal

The Secret Service stated that the vast majority of calls and complaints their office receives often include crypto in some way when asked whether they saw any distinguishing characteristics between crypto crimes and illegal activities in the realm of traditional banking. The agencies addressed a wide range of serious inquiries, but there was also some lighthearted conversation during the session. The Secret Service promoted their own NFT collection on OpenSea in response to a Redditor who inquired about the possibility of the agency developing its own memecoin.

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