US Secret Service Launches 'Crypt Awareness Center'

The tide is turning on how law enforcement discusses cryptocurrencies and treats crypto users. The United States Secret Service has spea...



The tide is turning on how law enforcement discusses cryptocurrencies and treats crypto users. The United States Secret Service has spear a cryptocurrency awareness hub with a corny public service announcement video.

The educational tool aims to combat “the illicit use of digital assets as well as provide public awareness information on the security of digital assets and how to ensure that they remain secure”.

Watch the video here:

“Secret Service: Safeguarding the next generation currency”, Source: US Secret Service Youtube

Deputy Director of the US Secret Service’s Bureau of Investigations, Jeremy Sheridan, said the center was focused on “investigating financial crimes”. It aims to “identify, arrest and prosecute those who engage in crimes involving digital assets”. Nevertheless, it is essential to note that the language and tone used regarding cryptocurrency is positive.

The launch website concedes that “digital and crypto currencies continue to become more popular forms of payment,” hence the need for the Secret Service to be at the top of their game.

The launch of the Cryptocurrency Awareness Center comes two years after the Secret Service founded the Finance Cybercrime Task Force. The first iteration of cryptocurrency-related activities just showed concern for ways cryptocurrencies could be used to conduct illegal online transactions.

In what could be a small victory for the cryptocurrency community, the industry could finally lose its reputation as a haven for cybercrime and illicit activity. Cryptocurrency was once reserved for Silk Road criminals and drug users.

Related: 4% of crypto whales are criminals, and they hold $25 billion among them: Chainalysis

However, in 2022, the Secret Service admits that:

“Investments and transactions using cryptocurrencies and digital assets are not inherently criminal.”

Generally speaking, using cryptocurrencies on a transparent, backdated blockchain makes little sense for illicit financial activity because of how blockchains can be easily monitored and tracked. the Netflix-worthy Bitfinex story involving unlikely criminals was very clear: it is very difficult to launder money using blockchain.

Ultimately, if people want to get paid to do bad things, it is always better to take cash.