Cryptocurrencies Are Not a Crime: US Secret Service Launches 'Crypto Awareness Center'

This trend is changing the way law enforcement officials discuss cryptocurrencies and treat crypto users. The United States Secret Service has launched a cryptocurrency awareness center with a public service announcement video.

The educational tool aims to combat "the illicit use of digital assets and provide public awareness information about the security of digital assets and how to keep them safe."

Watch the video here:

The center is focused on "investigating financial crimes," said Jeremy Sheridan, assistant director of the U.S. Secret Service's Office of Investigations. It aims to "identify, apprehend, and prosecute those who engage in crimes involving digital assets." Still, it's important to note that the language and tone used about cryptocurrencies is positive.

The site acknowledges that "digital and cryptocurrencies continue to become a more popular payment method," so the Secret Service needs to be at the top of its game.

The launch of the cryptocurrency awareness center comes two years after the Secret Service established a task force on financial-related cybercrime. The first iterations of cryptocurrency-related activity have only shown concern about the ways in which cryptocurrencies can be used to conduct illicit online transactions.

It may be a small victory for the cryptocurrency community, but the industry may finally shed its reputation as a safe haven for cybercrime and illicit activity. Cryptocurrencies used to be reserved for Silk Road criminals and drug addicts.

However, in 2022, the Secret Service admitted:

"Investing and trading in cryptocurrencies and digital assets is not criminal in nature."

Broadly speaking, using cryptocurrencies on a transparent, traceable blockchain makes little sense for illicit financial activity since the blockchain can be easily monitored and tracked. The Netflix-worthy Bitfinex story involving unlikely criminals makes one thing very clear: laundering money using blockchain is very difficult.

At the end of the day, if people want to get paid for doing bad things, it's better to take that money in cash.