US Secret Service Laud Blockchain’s Transparency in Tracking Money’s Flow

US Secret Service NFTs

US Secret Service NFTs

Reddit users found that the United States Secret Service owns its own NFT collection and crypto and lauded the blockchain’s role in fighting financial crime.

According to Cointelegraph, members of the US federal agency of San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) opened a questioning round for themselves from members of the subreddit r/cryptocurrency.

REACT task force hailed the transparency and publicity of the blockchain, considering it an impressive opportunity to fight crimes and track the flow of money at a time in which some regulators consider blockchain as a door for scammers and fraudsters.

USSS members pointed out that scammers would prefer to go for doing dodgy things financially in cash rather than in crypto. Earlier, a USSS official told CNBC that the transparent and immutable nature of blockchain ledgers enables investigators to trace transactions easier than fiat in some cases.

As for the crypto assets, USSS representatives answered some questions about that matter, saying they are already crypto holders, and describing them as enthusiasts. They said that owning cryptocurrencies helps them to get a better understanding of the crypto world.

Asked about the remarkable difference between crypto crimes and illicit activity in the world of traditional finance, the agency’s members noted most of the reports and calls they receive include crypto in some fashion, elaborating: “They vary in a lot of ways to fiat investigations, both in good ways and bad ways, but most notable is that crypto transactions are irreversible and immutable.”

During the questions, they revealed that they already have an NFT collection called “United States Secret Service San Francisco Field Office” on OpenSea.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.