Two United States Senators Draft Open Letter to Department of Justice and Department of Homeland Security Regarding the Utilization of Cryptocurrency by Individuals Involved in Child Exploitation
Two US Senators are joining forces to address the issue of child abusers using crypto assets. In a bipartisan letter to federal agencies, Senator Elizabeth Warren and Senator Bill Cassidy express their concern that digital assets have become the preferred method of payment for explicit materials involving children.
The letter, which was sent to the Department of Justice (DOJ) and the Department of Homeland Security (DHS), highlights the Senators’ worries about the anonymity provided by crypto assets, which allows for their illegal use in the exploitation of children.
“We are writing to express our concerns regarding the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM) and to obtain information about the tools needed by the DOJ and DHS to put an end to this illicit trade,” the Senators state in the letter.
They emphasize the role of cryptocurrency in facilitating the quick transfer of payments for CSAM and express their commitment to ensuring that Congress and the Administration have the necessary tools to combat CSAM and hold those who sell such material accountable.
To support their argument, Warren and Cassidy reference data from reputable sources such as The Financial Crimes Enforcement Network (FinCEN), The Internet Watch Foundation (IWF), and Chainalysis, a market intelligence platform.
FinCEN’s report from 2020-2021 reveals a rising trend in the use of crypto assets to purchase CSAM, with financial institutions filing numerous suspicious activity reports related to human and child trafficking involving Bitcoin (BTC).
The IWF has found that the number of websites accepting crypto assets as payment for CSAM has been doubling every year from 2018 to 2022.
Furthermore, Chainalysis published a report in January 2024 stating that crypto assets have become the preferred choice for buyers and sellers of commercial child sexual abuse content.
In conclusion, the Senators are taking proactive steps to address the issue of child abusers utilizing crypto assets. By reaching out to relevant federal agencies and presenting compelling evidence from reputable sources, they hope to raise awareness and prompt action to put an end to this illicit trade.