Trump administration intends to increase US budget to strengthen control over bitcoin

Trump administration intends to increase US budget to strengthen control over bitcoin

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US Presidential Administration Donald Trump introduced a budget proposal for fiscal year 2021. It involves $ 4.8 trillion in spending and increased control over cryptocurrency transactions.

According to the document, the powers of the Ministry of Finance are significantly increasing – the US Secret Service, now subordinate to the US Department of Homeland Security, is returning to the control of the agency.

Administration officials believe that such a “castling” will increase the effectiveness of the Secret Service in investigating crimes involving cryptocurrencies and violations of the law related to the financial market.

It will also expand the powers of the Ministry of Finance, which will allow “undermining the financing of terrorism, holding rogue countries and human rights violators accountable, and identifying and combating financial crimes.”

The main tasks of the US Secret Service are to prevent counterfeiting of the American currency, debt obligations, and other securities; it is also entrusted with the protection of the president, vice president, their immediate relatives, and other high-ranking officials. In addition, the department is investigating various types of financial fraud and identity theft.

“The technological advances of recent decades, such as cryptocurrencies, and the growing interdependence in the global financial market, have contributed to the development of more complex criminal organizations and revealed a close relationship between financial and cybercrime, as well as terrorist financing and the activities of troubled countries,” the document says.

It is possible that the Secret Service will work closely with the US Financial Crimes Network (FinCEN). At the same time, the US Department of Homeland Security, the Secret Service and the Treasury departments are already spending significant funds for the services of the analytical blockchain startup Chainalysis.

It is also noteworthy that the Administration offers a systematic increase in the share of budget expenditures in US GDP:

However, we note that such budget proposals have practically no legal force. Rather, it is a political document outlining the priorities of the Donald Trump Cabinet. Under the US Constitution, the budget process has its roots in the House of Representatives.

Recall last year Donald Trump said that the cost of bitcoin and other cryptocurrencies is “taken from the ceiling”.

Trump administration intends to increase US budget to strengthen control over bitcoin

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