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Trump’s 2021 Budget focuses on cryptocurrencies

Current U.S president, Donald Trump, released his budget proposal for 2021 worth $4.8 Trillion.

Assuming he gets re-elected, an event which FTX has allowed traders to speculate on, one of his goals is to get the Secret Service back under the Treasury department. The aforementioned was moved to Homeland Security after 9/11.

One of the reasons behind this move is to put the Secret Service in a position to investigate financial crimes being committed using cryptocurrencies and other malicious practices. The move is anticipated to “create new efficiencies”. Trump wants to allocate $2.4 Billion for the Secret Service alone.

The proposal 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”.

Although this is not in Trump’s power to put in action, it simply outlines his motives. In order to be put in motion, the U.S House of Representatives would need to do so.

Governments are becoming more and more aware of the power of blockchain and even looking to launch their own digital currencies. Nonetheless, with great opportunity comes great responsibility, which is why there is a heavy concentration from governments on regulating digital assets and monitoring them closely.

Image Licensed via Pixabay

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