United States Secret Service Has Crypto And Praises Blockchain In Combating Financial Crimes

United States Secret Service owns its own crypto, owns its own NFT collection. (photo: twitter @SecretService)

JAKARTA - In a question and answer session (AMA) on the Reddit platform, users know that the United States Secret Service owns its own crypto, owns its own NFT collection, and praises blockchain technology's ability to combat financial crime.

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

While some regulators still see crypto as a tool for fraudsters and criminals, the REACT team appreciates the public and transparent nature of blockchain as an "extraordinary opportunity" for law enforcement to track the flow of money.

The United States Secret Service has previously stated that the unchanged nature of blockchain ledgers makes illegal financial activity easier to monitor and track than fiat currencies in some cases.

A Bitfinex story that will appear on Netflix involves an unusual criminal who has confirmed this: it's very difficult to launder money using blockchain.

Responding to further questions about the best way to hide suspicious behavior on blockchain, the United States Secret Service states that if people want to commit fraudulent financial action, it's better to use cash than crypto.

A Reddit user also asked whether the United States Secret Service itself owns cryptocurrencies, and the authorities replied that they "definitely own crypto" and explained that they are crypto "fans" in the next responses. The authorities said that owning crypto helps them understand the deeper mechanism of the crypto world.

"Most cases require a simple level of understanding. It's a joke that often appears here," the agency explained, with the acronym "ELI5" referring to the popular subreddit r/explainlikeimfive, quoted by Cointelegraph.

When asked if they saw any significant differences between crypto crimes and illegal activities in traditional financial worlds, the United States Secret Service noted that "most of" calls and reports received by its office usually involve crypto in some ways.

"They vary in many ways in fiat currency investigations, both positive and negative, but the most striking is that crypto transactions cannot be reversed and cannot be changed," he said.

While the agency responded to various serious questions, they also slipped funny questions in the session. When a Reddit user asked whether the United States Secret Service would consider launching their own "mecoin", the agency responded by promoting their own NFT collection on OpenSea.