US budget proposal for 2021 seeks to optimize crypto regulation
|- The proposal aims to expand the Treasury Department’s crypto oversight by returning the US Secret Service to its jurisdiction.
- This reshuffling will give power to the Treasury to disrupt terrorist financing and deter financial crimes.
Donald Trump’s $4.8 trillion budget proposal for the upcoming financial year 2021 will look to expand the Treasury Department’s cryptocurrency oversight. This will be done by returning the US Secret Service to its jurisdiction. According to the executive report, this reshuffling would “create new efficiencies” in the Secret Service’s investigation of criminal acts involving digital assets. The Treasury will also be given the power to “disrupt terrorist financing, hold rogue states and human rights abusers accountable, and detect and deter financial crimes.”
The Secret Service, which is currently a division of the Department of Homeland Security, is well-known for protecting the presidents and their families. Additionally, it also investigates a wide array of financial crimes, including fraud and counterfeiting.
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Technological advancements in recent decades, such as cryptocurrencies and the increasing interconnectedness of the international financial marketplace, have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists and rogue state actors.
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