Trump Views Crypto a Threat, Proposes Countermeasures in New Budget

The White House released the Budget of the U.S. Government on Monday, outlining some proposals to increase cryptocurrency oversight which President Donald Trump views as priorities. The budget proposes giving the Treasury more power over crypto and requests funding for FinCEN to expand its efforts to combat threats including from cryptocurrency.

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Increased Crypto Oversight

Trump’s new budget has a few proposals concerning cryptocurrency. The 138-page Budget of the U.S. Government for the Fiscal Year 2021 is his fourth proposed budget to Congress. Regarding cryptocurrency, it proposes returning the U.S. Secret Service to the Department of Treasury. Established in 1865, the federal law enforcement agency was transferred to the Department of Homeland Security in 2002. Trump’s budget states:

Technological advancements in recent decades, such as cryptocurrencies and the…