FLOWUSD Flow

The United States Secret Service, a federal law enforcement agency tasked with protecting – mainly the president – the country’s top officials and financial infrastructure, has recently made headlines for its interest in cryptocurrency and blockchain technology.  During a recent Reddit ask-me-anything (AMA), representatives for the agency revealed that it not only owns crypto but also has its own NFT collection.  Moreover, the agency has praised blockchain technology’s potential to fight financial crime, indicating a growing awareness and adoption of these technologies in law enforcement. Related Reading: Why Litecoin Is The Most Undervalued Asset in Crypto Secret Service Praises Blockchain’s Transparency In Fighting Financial Crime During the AMA session, the San Francisco Field Office of the United States Secret Service and the Bay Area Regional Enforcement Allied Computer Team (REACT) addressed various questions from the public. Although not all the queries were answered, the law enforcement agencies did respond to some of them. Despite the skepticism of many regulators regarding cryptocurrency as a tool commonly exploited by scammers and fraudsters, the REACT task force has recognized the remarkable potential of blockchain technology for combatting financial crime, applauding its inherent transparency. The AMA Reddit thread from the United States Secret Service. Source: Reddit. This endorsement marks a significant turning point, as the task force sees blockchain as an extraordinary opportunity in the ongoing fight against fraudulent activities. By leveraging the public and transparent nature of blockchains, law enforcement can more easily track the flow of money and identify potential financial crimes. They said: “The beauty of the blockchain helps us trace funds, but attributing wallets to individuals is a different story… It’s only anonymous until it’s not.” But even then, the US commander-in-chief’s bodyguards said that in every instance “we have applicable laws and we must follow judicial process when working to identify bad actors.” Secret Service Admits Owning Crypto And NFTs The AMA session not only covered various serious topics but also included some light-hearted moments.  During the session, a Reddit user asked if the Secret Service had any plans to create its own meme coin. The agency responded to the question by promoting its own NFT collection available on the OpenSea platform.  This exchange shows that the agencies were open to engaging with the public on a lighter note and willing to showcase their interest in blockchain technology by highlighting their NFT collection. An inquisitive Redditor inquired about whether the Secret Service possessed any cryptocurrency. In response, the agency candidly stated that they were indeed holders of crypto, even going as far as describing themselves as “crypto enthusiasts” in subsequent replies.  The Secret Service acknowledged that owning cryptocurrency provided them with a deeper understanding of the intricate workings of the crypto world, emphasizing the importance of familiarity with these emerging technologies. BTCUSD drops from the critical $27K level. Chart: TradingView.com Related Reading: Power Play: Top 5 Cryptos Set To Ignite The Week With Decent Gains Another Reddit user sought to unravel the mystery surrounding Satoshi Nakamoto, the enigmatic creator of Bitcoin. They queried the agencies if they had any additional information or ongoing investigations focused on unmasking the face behind the pseudonym.  In a lighthearted but cryptic response, the Secret Service promptly replied: “We may know Satoshi, but it is classified!”  We may never know if the Secret Service truly has any insider knowledge on the enigmatic Bitcoin creator, but it’s fun to imagine that they do. -Featured image from SETH HERALD/AFP