RATE Group | White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
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White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?

11 Feb White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?

Posted at 06:12h in Cryptocurrency News by

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Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.

It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.

White House Budget Proposal Links Crypto to Crime and Terrorism

In the 106-page document, the word “cryptocurrency” is only mentioned twice, and on both occasions, it is tied directly to terrorism financing, money laundering, and other crimes.

The White House’s aggressive stance towards cryptocurrencies shouldn’t come as a surprise to market participants, however, as President Trump noted in his now infamous July tweet that he isn’t a “fan of Bitcoin and other…

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