Two US Senators are calling on authorities to curb the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM). Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) sent a bipartisan letter on April 26 to Attorney General Merrick Garland and Secretary of Homeland Security Alejandro Mayorkas, expressing their concerns.
The lawmakers pointed out the anonymity of cryptocurrencies as a key factor in facilitating payments for CSAM in the digital space. They emphasized that crypto has become the preferred method of payment for such illicit activities, highlighting the urgent need for legislative and administrative actions to address the issue.
A report from Chainalysis in January 2024 confirmed the growing problem of crypto-based sales of CSAM, with virtual currency being the dominant method among buyers and sellers of commercial CSAM content. An analysis from the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in February also revealed an increase in the use of virtual currencies by perpetrators to evade detection.
In light of these findings, the senators called for stronger anti-money laundering measures and more effective law enforcement strategies to combat these crimes. The Internet Watch Foundation (IWF) has reported a significant rise in the number of websites accepting cryptocurrency for CSAM, doubling annually since 2018.
Warren, known for her advocacy of strict crypto regulations, has been actively pushing for legislative measures and tighter anti-money laundering rules specifically targeting the crypto sector. Senators Warren and Cassidy are urging for a collaborative effort between Congress and the Administration to provide the necessary tools to effectively combat the issue.
This letter marks a crucial step towards legislative action aimed at addressing and mitigating the risks associated with digital assets in harmful trades within the current financial regulatory framework.
