The United States Secret Service owns crypto, has its own collection of NFTs, and has praised blockchain technology's ability to combat financial crime, Reddit users learned during a recent AMA.
On May 15, representatives from the United States Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) Opened themselves to the questioning of members of the subreddit, r/cryptocurrency.
While some regulators still view cryptocurrencies as a tool to scammers and scammersThe REACT task force applauded the public and transparent nature of blockchain as an "incredible opportunity" for crime fighters to track the flow of money.
The Secret Service has already made the point that the immutable nature of the blockchain ledger means that illicit financial activity can be more easily monitored and traced than fiat in some cases.
a next Bitfinex Story Presented by Netflix involving some unlikely criminals made this point abundantly clear: it's pretty hard launder money using blockchain.
Responding to a follow-up question about the best way to hide suspicious behavior on the blockchain, the Secret Service said that if people want to do financially unreliable things, they better take the cash what crypto
Another redditor asked whether or not the Secret Service itself held cryptocurrency, to which the authority said they were "definitely cryptocurrency holders" and described themselves as "enthusiasts" of cryptocurrency in subsequent responses. The agency said that owning cryptocurrencies helps them better understand the deeper workings of the cryptocurrency world.
โAlmost most cases require some level of ELI5'ing. It's kind of a running joke around here," the agency explained, with the acronym "ELI5" referencing the popular subreddit r/explainlikeimfive.
Related: Crypto Is Not Criminal: US Secret Service Launches "Cryptocurrency Awareness Center"
When asked if they see significant differences between crypto crime and illicit activity in the world of traditional finance, the Secret Service noted that the "vast majority" of calls and reports received by its office typically involve cryptocurrency in some way. .
"They vary in many ways to trust investigations, both in good times and bad, but most notably, crypto transactions are irreversible and immutable."
While the agencies answered a wide range of serious questions, there was also some fun during the session. When a redditor asked if the Secret Service would consider launching its own "memecoin," the agency responded by plugging in its own NFT collection in OpenSea.
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