The Trump administration has proposed to increase the budget for the control of cryptocurrency operations

The administration of US President Donald Trump presented a draft budget for the 2021 fiscal year,involving the expansion of financing in the field of control of cryptocurrency operations by $ 4.8 billion.

According to the proposal, the Secret Service, nowpart of the Ministry of Homeland Security should be returned to the Ministry of Finance. This rearrangement “will create new effective opportunities” for the investigation of crimes related to cryptocurrencies and the financial market.

It will also give the Ministry of Finance more.powers and opportunities that will allow “to undermine the financing of terrorism, to hold accountable countries and violators of human rights accountable, as well as to identify and suppress financial crimes”.

The Secret Service is best known forprovides protection for US presidents and their families, but she is also responsible for investigating a wide range of financial crimes, including fraud and counterfeiting. The document says:

“Technological achievements of the latterdecades, such as cryptocurrencies and the growing interdependence of the international financial market, have led to the creation of more complex criminal organizations and revealed stronger links between financial and electronic crime, as well as terrorist financing and the activities of troubled countries. ”

Perhaps that is why the authors of the new projectof the budget believe that the Secret Service - the only agency involved in protecting the US currency - could significantly increase the efforts of the Ministry of Finance to combat cybercrime.

At the same time, the cryptocurrency investigations of the Secretservices can be combined with the activities of the United States Financial Crime Prevention Network (FinCEN). The Ministry of Security, the Secret Service and departments within the Ministry of Finance are already spending millions of dollars on blockchain analytics and use Chainalysis tools.

However, the draft budget is far from becomingby law. Such proposals have practically no legal significance for the budget formation process, which, according to the US Constitution, begins in the House of Representatives of Congress. Rather, it is Trump’s policy paper.

Last fall, US Department of the Treasurycommitted to overseeing the Libra cryptocurrency project, and last month the Ministry of Finance announced that it had almost completed testing a blockchain-based system for paying federal benefits.

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