US Secret Service “REACT” says crypto can fight financial crime 

The Bay Area Regional Enforcement Allied Computer Team (REACT) appreciated the role of crypto & blockchain technology in the internet world against the bad actors. 

On 15 May 2023, the United States Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) invited members of the subreddit, r/cryptocurrency to ask any question. 

Earlier this, the secret service already appreciated crypto & blockchain technology as a better financial tool, as it remains easy to trace the financial activities, over fiat money transactions.

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In the latest, the secret agency said that it is better to use physical cash for illegal financial activities, instead of crypto. Indirectly supported cryptocurrencies against bad actors.

In a follow-up question, the US authority confirmed that they hold cryptocurrencies and also further explained that they hold crypto assets because it helps them to understand the mechanism of crypto transactions more easily, which further helps to trace suspicious financial activities linked with cryptocurrencies.

One of the Redditors asked whether they will launch their meme token, in response the secret agency indirectly said no & attached a self-issued collection of NFTs. 

To address the main issue related to cryptocurrencies, the US secret agency said that crypto transactions are irreversible & it helps bad actors but the opposite of it the transparent nature of the crypto network helps the investigation agencies to trace the financial activities of the bad actors. In short, the nature of cryptocurrencies is much better to fight financial crimes.

Many crypto enthusiasts noted that such open discussion between secret US agencies & public is only spreading a crypto-friendly wave in the country amid the increasing regulatory pressure on the crypto companies in the US jurisdiction.

Read also: Ripple officer says SEC is wrong over the claim that all XRP holders are involved in a “common enterprise”

US Secret Service “REACT” says crypto can fight financial crime 

 

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