The White House released the Budget of the U.S. Government on Monday, outlining some proposals to increase cryptocurrency oversight which President Donald Trump views as priorities. The budget proposes giving the Treasury more power over crypto and requests funding for FinCEN to expand its efforts to combat threats including from cryptocurrency.
Increased Crypto Oversight
Trump’s new budget has a few proposals concerning cryptocurrency. The 138-page Budget of the U.S. Government for the Fiscal Year 2021 is his fourth proposed budget to Congress. Regarding cryptocurrency, it proposes returning the U.S. Secret Service to the Department of Treasury. Established in 1865, the federal law enforcement agency was transferred to the Department of Homeland Security in 2002. Trump’s budget states:
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 document further reads: “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.”
Cybercrime is under the purview of the Secret Service, which includes illicit activities involving cryptocurrency, such as cryptojacking and installing crypto mining software, the agency’s website details.
More Power to FinCEN
Trump’s budget also requests $127 million for the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury. Its mission is to combat money laundering and safeguard the country’s financial system from illicit use.