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For as long as crypto has been around the rules and regulations around it have been murky at best. The government was quick to point a finger at cryptos and Bitcoin in particular for facilitating criminal transactions. Even when chain analysis showed that that was not the case and that most transactions were above board and very much legal government recognition was still hard to find in the United States.
Now that has all changed!
The Secret Service last Friday launched a cryptocurrency awareness hub which aims to help provide the public with awareness about digital asset security and continue to help assist with financial crimes involving said assets. I know what you must be thinking why is the Secret Service, the people in charge of protecting the President, launching a hub like this? Well it goes back to the founding of the Secret Service and what they are in charge of! The Secret Service while in charge of protecting the leaders of the US also safeguarding financial and critical infrastructure in the United States!
Secret Service Role in Currency
Years ago Secret Service's participation in fincail crimes made headlines when the "super hundreds" were discovered and investigated. These counterfit $100s were at the time and continue to be the best counterfits the US has ever run into and the extent of which they are still circulating is not known. While the source was eventually traced back to North Korea and led to US paper money being overhauled the number of them slipped into the supply is unknown. Whats even more interesting is how hard it is to detect them and because of this there is a decent probability that they continue to circulate around the globe! The Secret Service historically served a bigger role in financial crimes and security and this can be seen by how from its founding in 1865 till 2003 the Secret Service operated under the Tresurary Department. In 2003 they were moved to the Department of Homeland Secuirty where their mission continues to be the same.
Whats the Big News
As I have mentioned a ton of government officials really across the world point to crypto and Bitcoin in particular saying that they are used extensively by criminals. The Secret Service however, the agency in charge of making sure American money is secure and that Americas leaders are say says otherwise! The agency has come out and said that “investments and transactions using cryptocurrencies and digital assets are not inherently criminal,” at the same time they do point out that it does allow for "new opportunities for those seeking to commit fraud or otherwise conceal further illegal activities."
Fallout?!
While most of us in the space are anxiously awaiting the pending executive order from the President of the United States it is huge to see part of the Federal Government continue to inform the public. This also could serve as a check to the White House as they try to take center stage in the future legislation and regulation of the crypto and blockchain industry. By stating that these technologies and investments are not naturally criminal it eliminates a ton of studies that the White House and Congress could try to offer. It shows that there is already a ton of research that has been done otherwise this announcement would not have been made.
While the markets are rocky right now due to the Ukrainian/Russia, Federal Reserve, and inflation in the US if these issues did not exist then this would serve as a huge boon for the crypto markets. The Secret Service serves such a vital and front line role in currency that its acceptance is a huge win for crypto users not only in the United States but across the world! Once the markets recover this could be one of the thing that helps propel them to new highs!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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