Key Points:
Highlighting concerns over the anonymity inherent in crypto transactions, the senators argue that such anonymity facilitates evasion of law enforcement by those involved in CSAM trading.
Referencing data from various sources, including the US Treasury’s Financial Crime Enforcement Network and Chainalysis, Warren points to a perceived increase in the utilization of cryptocurrency in illicit CSAM transactions. They note the identification of 1,800 Bitcoin wallets suspected of engaging in such activities between 2020 and 2022 by financial institutions.
Despite a reported decrease in the scale of the crypto-based CSAM market in 2023, US Senators Elizabeth Warren and Bill Cassidy underscore the continued significance of cryptocurrency as the preferred payment method for perpetrators of child sexual abuse and exploitation.
The senators have directed a series of questions to the federal agencies, seeking clarification on their research findings regarding cryptocurrency’s role in the CSAM problem and soliciting proposals for new tools to combat buyers and sellers in this market. They have set a deadline of May 10 for responses from the agencies.
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