Trump’s Administration Budget Proposal Could Give US Treasury More Power Over Crypto

2020-2-11 18:57

Trump’s Administration Budget Proposal suggests transferal of the Secret Service from the Department of Homeland Security back to the Treasury. They will then have a combined effort with FinCEN to combat Cyber Crimes

In the 2021 financial year budget proposed by the Trump Administration which was released early this week, it’s clear of their intention in regards to crypto regulations. They are looking to expand the treasury’s role in cryptocurrency oversights by bringing back the United States Secret Service, now under the DHS, back to its jurisdiction.

The United States Secret Service was formed in 1865 in the Treasury. Their only objective then, was to protect the US currency from counterfeiting. However later transferred to DHS in 2002 alongside other agencies.

Evolution of Criminal Enterprises

The report read,

“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.”

The budget proposal is aimed at prompting congressional action to come up with alternative solutions to tackle such crimes and give the country a fighting chance against future vulnerabilities.

“The Budget proposes legislation to return the U.S. Secret Service to Treasury to create new efficiencies in the investigation of these crimes and prepare the Nation to face the threats of tomorrow.”

The Secret Service has been assigned other tasks over the years such as protecting the first family. They however are still lead agency in fighting US currency counterfeiting and fraud alongside other financial crimes. Its return to US Treasury fold would bolster attempts by the Treasury to combat cyber related crimes alongside the Financial Crime Enforcement Network (FinCEN). FinCEN, anti-money laundering authority, has been tasked to look into irregularities related to crypto and digital assets.

However, the budget proposal by Trump’s administration still has major hurdles before enactment as Presidential Budget proposals are regarded as mere suggestions since the budget process starts from the House of Reps.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

TrumpCoin (TRUMP) íà Currencies.ru

$ 0.0093482 (-1.82%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 8.36 %, 7d: 6.82 %
Cåãîäíÿ L: $0.0093482 - H: $0.0093482
Êàïèòàëèçàöèÿ $61.739k Rank 2306
Öåíà â ÷àñ íîâîñòè $ 0.017213 (-45.69%)

treasury trump administration budget crypto back oversights

Èñòî÷íèê: bitcoinexchangeguide.com

treasury trump → Ðåçóëüòàòîâ: 43


In A Historic Move, US Declares China As Currency Manipulator Escalating Trade & Currency War

The US Treasury Department on Monday designated China as a currency manipulator in a historic move that hasn’t been exercised since the Clinton administration. “Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release. “As a result of this determination, Secretary […]

2019-8-6 16:10


Pro-Crypto SEC Commissioner Urges Regulators to Take a “Forward-Leaning” View on Crypto Matters

With the crypto market gradually developing, one might have wondered why President Donald Trump has been keeping his opinions concealed regarding said matters. Not too long ago, the president along with Treasury Secretary, Steven Mnuchin both shared their distaste for digital assets, where the latter stressed the actuality of “very, very strong” regulations. As a […]

2019-8-4 22:23


Industry Leader Claims U.S. Outlawing Crypto Ownership Would be “Worst Case Scenario”

Although most of the crypto industry has long known that the US is far behind other countries in terms of implementing “do no harm” regulations on nascent markets, recent comments from President Donald Trump and Treasury Secretary Steve Mnuchin have signaled that rather than creating a “sand-box” regulatory environment for Bitcoin and cryptocurrencies, they will.

2019-7-24 01:00


Ron Paul Defends Cryptocurrencies Calling Them A “Great Idea”, Supports Minimum Regulation

During the last few days, we have seen how many different relevant political figures in the United States have been attacking Bitcoin (BTC) and virtual currencies. Steven Mnuchin, U.S. secretary of the treasury and a former banker said that these digital assets are a national security issue. U.S. President Donald Trump has also written on […]

2019-7-16 18:26


Watch Steven Mnuchin’s Surprise Press Conference on Cryptocurrency

The US Treasury Department made the surprise announcement on Monday that Secretary Steven Mnuchin would hold a press conference to address cryptocurrency regulation. Mnuchin’s press conference, which began around 2 pm ET, comes amid a flurry of controversy triggered by Facebook’s announcement that it would spearhead a cryptocurrency project, dubbed “Libra.

2019-7-16 21:03


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.