U.S. President's fiscal 2021 budget proposal seeks to expand Treasury oversight of cryptocurrencies

US President Donald Trump released a budget proposal of $ 4.8 trillion for fiscal year 2021 on Monday aimed at expanding the Treasury's regulation of cryptocurrencies by reintroducing the Secret Service to its jurisdiction. The US Secret Service is now a division of the Department of Homeland Security. The report said the adjustment would "create new efficiencies" in the Secret Service's investigation into criminal acts involving cryptocurrencies and financial markets. It will also give the Treasury more firepower, as stated in the budget, "to dismantle terrorist financing, hold rogue states and human rights violators accountable, and detect and curb financial crimes." The document states technological advances in recent decades, For example, the increasingly close connection between cryptocurrencies and international financial markets has led to more complex criminal organizations and revealed the links between financial and electronic crime and the financing of terrorists and rogue state actors.