The US Secret Service has crypto, praises blockchain technology in Reddit AMA

The U.S. Secret Service owns crypto, has its own NFT collection, and praised blockchain technology’s ability to fight financial crime, Reddit users learned during a recent ask-me-anything (AMA).

On May 15, representatives from the US Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) opened up to questions from members of the subreddit, r/cryptocurrency.

While some regulators still see crypto as a tool for fraudsters and scammers, the REACT task force hailed blockchains’ public and transparent nature as a “great opportunity” for crime fighters to monitor the flow of money.

The Secret Service has previously pointed out that the immutable nature of the blockchain ledger means that in some cases illicit financial activity is easier to monitor and track than fiat.

An upcoming Bitfinex story with Netflix involving some unlikely criminals made this point very clear: it is quite difficult to launder money using blockchain.

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 best to take the money in cash rather than crypto.

Another Redditor asked whether or not the Secret Service itself owned cryptocurrency that the authority said were “definite holders of crypto” and described themselves as crypto “enthusiasts” in later responses. The agency said it helps them better understand the deeper mechanisms of the crypto world by owning crypto.

“Virtually most cases require some level of ELI5’ing. It’s a bit of a running joke here,” the agency explained, citing the acronym “ELI5” referring to the popular r/explainlikeimfive subreddit.

Related: Crypto Isn’t Criminal: US Secret Service Launches ‘Crypto Awareness Hub’

When asked if they see significant differences between crypto crimes and illicit activities in the world of traditional finance, the Secret Service noted that the “vast majority” of the calls and reports their office receives are usually on one or the other related to crypto in a different way.

“They vary in many ways to approve studies, in both good and bad ways, but the most notable is that crypto transactions are irreversible and immutable.”

While the agencies answered a wide range of serious questions, there was also some fun to be had during the session. When a Redditor asked if the Secret Service would consider launching its own “memecoin,” the agency responded by plugging its own NFT collection into OpenSea.

Magazine: Cryptocurrency Trading Addiction – What To Look For And How It Is Treated