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