Trump budget proposal, comprising of $4.8 trillion, is out that shows the priorities the Trump political party has for 2021. In the proposal, policies for cryptocurrency regulation are written down and how the government institutions will deal with crypto-related crimes.
Trump’s budget plan document outlines that the treasury department of the government will work with the Secret Service to probe the financial crimes, effectively. It is also mentioned in the document that the investigations about the cyber and crypto criminal activities will also enhance.
Involvement of Secret Service
Trump’s administration wants to involve the Secret Service, again, in the currency protection domain. The department of Secret Service was established in 1865 to deal with any kind of economic attack on US currency.
In 2002, the Secret Service went under the control of Homeland Security. But the new roadmap on the part of Trump shows: they want to give the same charge of US currency protection to the Secret Service.
The new initiative will ‘’ create new efficiencies’’ to deal with new emerging challenges- especially related to cryptocurrency.
‘’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.’’
Terrorism and Financial Intelligence (TFI) monitors the illegal activities and shows how billions of dollars are transacted and used in terrorism- all over the world.
‘’Cut off the flow of billions of dollars to Iran, disrupted networks that provided the brutal Syrian regime with access to oil and financing, and expanded sanctions to punish Russian aggression and corrupt Kremlin-linked oligarchs.’’
Trump’s team sets out their future roadmap regarding financial regulation as they want from the Secret Service to work with the Treasury authority, including TFI, to tackle with the criminal activities linked with finance such as money laundering: make accountable those who have dumped the government.
The financial wings, attached with the US governments, have already spent a large amount of money to censor such kinds of activities.
Trump’s budget, for the fiscal year 2021, is far away from its practical application as it has to be approved by the House of Representatives. To implement the policies, Trump will have to win the election.