The U.S. Wants to Strengthen Supervision of Cryptocurrency

U.S. President Donald Trump’s 2021 Budget was released yesterday. The budget mentioned the need to step up crackdown on fintech crimes, including the use of cryptocurrencies for money laundering or terrorist financing. Therefore, Trump intends to transfer the Secret Service from the Department of Homeland Security to the Treasury to expand the Treasury’s investigative power and efficiency.

The budget mentions that with the advancement of technology in recent decades, as cryptocurrencies have become increasingly connected to international financial markets, criminal organizations have become more complex. At the same time, financial and technological crimes have become closer to terrorists and rogue states. In order to deal with related environmental changes and combat crimes in this area, the White House intends to strengthen related deployments.

As we all know, the Secret Service’s main role is to protect the President of the United States and his family. They also conduct extensive investigations on financial crimes, such as fraud and counterfeiting. This institution was established in 1865 and was originally under the Ministry of Finance, but was transferred to the Department of Homeland Security in 2003. Now it is expected to return to the Ministry of Finance, giving the department more firepower to destroy terrorist financing and investigate rogue the responsibility of the State and those who violate human rights and to detect and prevent financial crimes.

The paper also mentioned that the Ministry of Finance under the terror doctrine and financial intelligence office in the past two years, Iran cut off the flow of billions of dollars; destroying crude oil and to provide funds for the Syrian network, as well as the expansion of sanctions against Russia Wait. Therefore, supervision in these areas will continue to be strengthened in the future, including addressing new technological challenges such as cryptocurrencies.