Trump has released his proposed budget for the 2021 fiscal year. In the budget plan, the U.S president has proposed that the U.S Secret Service handle crypto crimes. This will be done by moving the US Secret Service to Treasury. Returning to its original department where it was created back in 1865. At the time, it was tasked with combatting US currency counterfeits.
Emerging Technology Calls For Collaboration
Trump aims to have a better grip and control over cryptocurrencies. In 2019, he admitted to not liking or supporting cryptocurrencies. His remarks shook the market with fears of regulations heightened. As politicians came out on their stance with the emerging technology, it was clear that he could not ban crypto and the industry had more friends in Washington than anyone thought.
His remarks also effectively made cryptocurrencies a talking point with the coming elections. One candidate, in particular, has been scoring all the points with the crypto community. Andrew Yang has made it clear he supports crypto and especially the technology they are built upon, blockchain.
Crypto regulations in the U.S as Yang has pointed out remain hazy. This is unlikely to change with the current administration. But when it comes to crime with crypto, they are keen to stamp out.
The proposal notes:
“The Budget proposes legislation to return the US Secret Service to Treasury to create new efficiencies in the investigation of these crimes and prepare the Nation to face the threats of tomorrow.”
It goes to explain that recent technological advancements have made it easy for bad actors, terrorist and human traffickers to use cryptocurrencies to grow. With the Secret Service working with Treasury, this will be better tackled.
For the crypto community, the fight against crypto crimes is a welcome measure, lesser criminals using crypto, means a more mature market.
Crypto No Longer A Favorite With Criminals
The remarks and measure come despite a recent report showing that cryptocurrencies going into the darknet has fallen by more than 90% since 2015. The report, compiled by Chainalysis, showed that only 0.08% of total BTC ended up in the dark web in 2019. This has been a clear sign of progress and market maturity.
Some of the reasons stated in the report for the decline included KYC requirements by most exchanges and the fact that all transactions are recorded on a public blockchain.