Stablecoin

2024

Bitcoin

Security

U.S. senators Elizabeth Warren and Bill Cassidy, wrote a letter to Attorney General Merrick Garland and the Secretary of Homeland Security, Alejandro Mayorkas, addressing the cryptocurrency’s use in the illegal trade of CSAM, child sexual abuse material. 
Both senators want to make sure that government organizations are properly prepared to investigate cryptocurrency transactions connected to the selling of child abuse content. The Department of Justice (DOJ) and Department of Homeland Security (DHS) were asked to disclose their present technical capacities to stop CSAM. 
Senators say, “The pseudonymity provided by cryptocurrency has allowed the payments for CSAM to “move quickly into the crypto world,” and we are committed to ensuring that Congress and the Administration have the full suite of tools needed to end CSAM and punish sellers of this material.” 
The senators referenced a January 2024 Chainalysis analysis that indicated a rise in the use of cryptocurrencies in the CSAM black market. Chainalysis <a href="https://www.chainalysis.com/blog/csam-cryptocurrency-monero-instant-exchangers-2024/" target="_blank" rel="noreferrer noopener" data-wpel-link="external">discovered</a> that vendors of goods related to child abuse are utilizing “mixers” and “privacy coins,” such as Monero, to conceal their financial gains and elude legal action. 
The U.S. senators requested information about the DOJ’s and DHS’s present capacity to detect and prosecute these offenses in <a href="https://www.warren.senate.gov/imo/media/doc/Warren,%20Cassidy%20Letter%20to%20DOJ%20and%20DHS%20on%20CSAM%20&amp;%20Crypto.pdf" target="_blank" rel="noreferrer noopener" data-wpel-link="external">writing</a> to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas. 
FinCEN discovered thousands of suspicious activity reports linking Bitcoin to online child sexual exploitation and human trafficking. Over 1,800 unique Bitcoin wallet addresses were flagged, with 95% related to CSAM cases. 
The senators expressed deep concern over the findings, highlighting cryptocurrency as the preferred payment method for perpetrators of child sexual abuse and exploitation. They noted an apparent increase in the use of cryptocurrency in the illicit trade of CSAM. 
The senators concluded that they aim to ensure that Congress and the Administration are doing their part to solve the obstacles that current anti-money laundering regulations and law enforcement techniques confront in effectively detecting and preventing these crimes. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/23/us-senate-introduces-stablecoin-regulation-bill/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">US Senate Introduces Stablecoin Regulation Bill</a> 
</blockquote>

U.S. Senators Urge Action on Crypto Use in Child Abuse Trade

The Crypto Times

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