Fri, April 26, 2024 at 22:06

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  Kang-hoon

  • Hello Annie, today's news is about a bipartisan letter written by two US Senators to federal agencies concerning the potential misuse of crypto assets by child abusers.

  • 
• Annie

  • Oh no, that sounds terrible!😨 Who are these senators?

  
• 

  Kang-hoon

  • The senators are Elizabeth Warren, a Democrat from Massachusetts, and Bill Cassidy, a Republican from Louisiana.

  • They expressed their concern that digital assets have become the preferred method of payment for explicit materials involving children.

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• Annie

  • That's really disturbing.😢 Who did they send the letter to?

  
• ADward

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• 

  Kang-hoon

  • The letter was sent to both the Department of Justice (DOJ) and the Department of Homeland Security (DHS).

  • In it, they detailed their concerns about the anonymity provided by crypto assets and their illegal use in such activities.

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• Annie

  • I see...

  • So what kind of information are they seeking from DOJ and DHS?

  
• 

  Kang-hoon

  • They want information about the tools needed by these departments to end this illicit trade.

  • They believe that the pseudonymity provided by cryptocurrency has allowed payments for such illegal activities to move quickly into the crypto world.

• Annie

  • That's really worrying.😔 Did they provide any data or evidence to support their concerns?

  
• 

  Kang-hoon

  • Yes, they did.

  • They cited data from The Financial Crimes Enforcement Network (FinCEN), The Internet Watch Foundation (IWF), and market intelligence platform Chainalysis.

  • According to these sources, the use of crypto assets to purchase such illegal content is on the rise.

• Annie

  • Oh my...😰 How significant is this increase?

  
• 

  Kang-hoon

  • It's quite significant.

  • FinCEN found that financial institutions are filing thousands of suspicious activity reports related to human and child trafficking involving Bitcoin.

  • 

  • The IWF reported that the number of websites accepting crypto assets as payment for such content has doubled every year between 2018 and 2022.

• Annie

  • That's really alarming!😱 So, do you think this news is good or bad for the crypto market?

  
• 

  Kang-hoon

  • In my view, this news is negative for the crypto market.

  • It highlights the potential misuse of digital assets and could lead to stricter regulations.

  • This could dampen investor sentiment and potentially lead to a decrease in the value of cryptocurrencies.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.