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The post <a href="https://coinpedia.org/news/senators-warren-and-cassidy-call-for-doj-and-dhs-action-against-cryptocurrency-fueled-csam-trade/">Crypto Crackdown: Senators Demand Action on Child Exploitation Payments</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
U.S. Senators Elizabeth Warren and Bill Cassidy have joined forces, pushing the <a href="https://coinpedia.org/news/u-s-doj-cracks-down-on-samourai-wallet-for-alleged-money-laundering/">U.S. Department of Justice (DOJ)</a> and Department of Homeland Security (DHS) to combat the disturbing use of cryptocurrency in trading child sexual abuse materials (CSAM). 
In a letter dated April 25, 2024, Senators Warren and Cassidy highlighted the urgent need for action against the surge in criminal activities. 
<h2 class="wp-block-heading" id="h-cryptocurrency-s-shadowy-involvement">Cryptocurrency’s Shadowy Involvement</h2> 
Senator Warren has long been a vocal critic of cryptocurrency’s involvement in transactions on the dark web. She highlights how digital currencies like <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> facilitate anonymous exchanges, making it distressingly easy to traffic illegal content, particularly CSAM (Child Sexual Abuse Materials). 
The letter to U.S. Attorney General Garland and U.S. Secretary Mayorkas addresses a troubling trend as per the reports from the Internet Watch Foundation (IWF). 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “The number of websites accepting cryptocurrency as payment in exchange for [CSAM] has more than doubled every year between 2018 and 2022,” 
</blockquote> 
The reason behind this enormous increase of child sexual abuse materials is due to the difficulties facts in tracing and prosecuting perpetrators. 
Also Check Out: <a href="https://coinpedia.org/news/china-might-unban-crypto-in-upcoming-3-months-experts-predict/">China Might Reverse Crypto Ban Within 3 Months, Predict Experts</a> 
<h2 class="wp-block-heading" id="h-financial-watchdogs-come-sniffing">Financial Watchdogs Come Sniffing!</h2> 
Financial watchdogs, including the Financial Crimes Enforcement Network (FinCEN), have flagged a significant rise in suspicious activities linked to child exploitation funded by cryptocurrencies. Additionally, Chainalysis, a blockchain analytics firm, has shed light on the growing sophistication of CSAM sellers in evading detection. 
The senators voiced deep concern over these findings, highlighting cryptocurrency’s burgeoning role in child sexual abuse and exploitation. They stressed the urgent need for action from law enforcement agencies. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “These are deeply troubling findings revealing the extent to which cryptocurrency is the payment of choice for perpetrators of child sexual abuse and exploitation.”&nbsp; 
</blockquote> 
<h2 class="wp-block-heading" id="h-seeking-answers">Seeking Answers</h2> 
In their missive to Attorney General Garland and Secretary Mayorkas, Senators Warren and Cassidy posed critical questions, seeking clarity on the scale of the problem and the efficacy of current strategies. They inquired about the DOJ’s and DHS’s assessment of cryptocurrency’s involvement in CSAM and the evolving tactics of criminal operations. 
Recognizing the necessity for specialized tools, Senators Warren and Cassidy called for updates to legal frameworks and improvements in technological capabilities to combat the exploitation of digital currencies. 
Urgent Call to Action 
The letter concluded with a plea for swift action, urging detailed responses by May 10, 2024. The senators stressed the imperative of empowering law enforcement agencies to confront this urgent issue head-on. 
Eradicating CSAM requires a global effort. Share this story to raise awareness!

Crypto Crackdown: Senators Demand Action on Child Exploitation Payments

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