Two US Senators from different political parties are teaming up to address the potential use of cryptocurrencies by individuals involved in child abuse. Senator Elizabeth Warren, a Democrat from Massachusetts, and Senator Bill Cassidy, a Republican from Louisiana, have jointly written a letter to federal agencies, expressing their concerns about the use of digital assets in the distribution of explicit materials involving children.

The letter, which was sent to the Department of Justice (DOJ) and the Department of Homeland Security (DHS), emphasizes the Senators’ worries about the anonymity provided by cryptocurrencies, enabling illegal activities of this nature to go undetected. They highlight the urgent need for the government to have the necessary tools to combat child sexual abuse material (CSAM) and prosecute those involved.

To support their argument, the Senators refer to data from reputable sources such as The Financial Crimes Enforcement Network (FinCEN), The Internet Watch Foundation (IWF), and market intelligence platform Chainalysis. FinCEN’s report from 2020-2021 revealed a rise in the use of cryptocurrencies for purchasing CSAM, with financial institutions filing numerous suspicious activity reports related to Bitcoin’s involvement in human and child trafficking.

The IWF reported that the number of websites accepting cryptocurrencies as payment for CSAM has doubled every year between 2018 and 2022. Additionally, a study by Chainalysis in January 2024 highlighted that cryptocurrencies have become the preferred choice for buyers and sellers of commercial child sexual abuse content.

In conclusion, the Senators are urging the government to tackle the growing issue of crypto-enabled child abuse by equipping the DOJ and DHS with the necessary resources to combat these illicit activities. By bringing attention to the increasing use of cryptocurrencies in this context, they hope to raise awareness and encourage action to protect vulnerable children.

Please note that the opinions expressed in this article are not investment advice, and readers are advised to conduct their own research before engaging in high-risk investments involving cryptocurrencies or digital assets. Transfers and trades in these assets are done at one’s own risk, and any resulting losses are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.