Two US Senators are writing a bipartisan letter to federal companies concerning the potential use of crypto belongings by baby abusers.
Based on a brand new press release, Senator Elizabeth Warren, a Democrat from Massachusetts, and Senator Invoice Cassidy, a Republican from Louisiana, say within the letter that digital belongings are the “fee of alternative” for specific supplies involving kids.
The letter was despatched to each the Division of Justice (DOJ) and the Division of Homeland Safety (DHS). Within the letter, the Senators detail their considerations over the anonymity of crypto belongings and their unlawful use in such a fashion.
“We’re writing to precise our considerations relating to the usage of cryptocurrency within the unlawful commerce of kid sexual abuse materials (CSAM) and to acquire details about the instruments wanted by the Division of Justice (DOJ) and Division of Homeland Safety (DHS) to finish this illicit commerce.
The pseudonymity offered by cryptocurrency has allowed the funds for CSAM to ‘transfer rapidly into the crypto world,’ and we’re dedicated to making sure that Congress and the Administration have the complete suite of instruments wanted to finish CSAM and punish sellers of this materials.”
To strengthen their case, the Senators cite information from The Monetary Crimes Enforcement Community (FinCEN), The Web Watch Basis (IWF), and market intelligence platform Chainalysis.
In 2020-2021, FinCEN printed a report that discovered the usage of crypto belongings to buy CSAM is on the rise and that monetary establishments are submitting 1000’s of suspicious exercise experiences associated to human and baby trafficking involving Bitcoin (BTC).
Based on the IWF, the variety of web sites accepting crypto belongings as fee for CSAM has doubled yearly between 2018 and 2022.
In January 2024, Chainalysis printed crypto belongings are the “dominant alternative for consumers and sellers of economic baby sexual abuse content material.”
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