US Secret Service Claims Cryptocurrency Is Not Inherently Criminal

The US Secret Service claims cryptocurrency is not inherently criminal after launching an educational platform to provide public awareness information on digital asset security so let’s find out more in today’s latest cryptocurrency news.

The US Secret Service claims cryptocurrency is not inherently criminal and hopes to increase the crypto awareness hub as an online educational platform that is developed to aid the agency in fighting the illicit use of virtual assets. In an announcement released recently, the US Secret Service said that the new initaitive seeks to provide public awareness information on digital asset security as the agency intends to continue and expand the capabilities, collaboration, and effectiveness related to the investigations of financial crimes.

Our goal is to protect the nation’s financial infrastructure and maintain a safe environment for the American people to conduct financial transactions. Our mission is to investigate complex cyber-enabled financial crimes. https://t.co/Y2cTWHVX82 pic.twitter.com/OySIPUOpP4

— U.S. Secret Service (@SecretService) February 18, 2022

The agency stressed that the investmetns and transactiosn using crypto and digital assets are not inherently criminals while saying that they provide new opportunities for those that are looking to commit fraud or otherwise conceal the illegal activities. In the announcement, the service noted that cryptocurrencies continue to become popular forms of payments and for the same reason the agency has to remain at the forefront of both educating the public and fighting financial fraud cases. The Investigations Assistant Director Jeremy Sheridan said:

“Our obligation to enforce crimes against the nation’s financial systems includes both informing the public on how digital assets work and partnering with them to identify, arrest, and prosecute those engaging in crimes involving digital assets.”

The agency also included a few other criminals that were tied to cryptocurrencies in the “Most Wanted Fugitives” list. A month ago, blockchain analytics firm Chainalysis said that the crime involving crypto surged to a new high of $14 billion in 2021 with the activity representing just 0.15% of the total of $15.8 trillion in the transaction volume recorded over the course of the year which is the lowest percentage ever.

As recently reported, The US Secret Service protects the US political figures and conducts criminal investigations, released a list of Most Wanted fugitives and it contains a few individuals who used the digital currencies for their crimes. A 36-year old citizen of Costa Rica named Allan Garcia is wanted for managing daily operations of Liberty Reserve which is a company that operated in digital currency as the agency said.