Investigations on cryptocurrencies under the authority of the Secret Service

US President Donald Trump yesterday tabled the budget proposal for 2021, which includes the crypto industry issue. One of the aspects is moving the Secret Service under the authority of the US Treasury.

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1 Secret Service cryptocurrency investigations

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Currently the Secret Service has the role of protecting the president and his family, as well as protecting the official US currency. The institution is currently under the authority of Homeland Security.

The reorganization would “create new efficiencies” in the Secret Service’s investigations into criminal acts involving cryptocurrencies and the financial market. It will also give the Treasury more power to

“Disrupt the financing of terrorism, hold the rogue states and human rights abusers accountable and will detect and deter financial crimes.”

The Secret Service is currently responsible for investigating a wide range of financial crimes, including fraud and counterfeiting.

“Technological advances in recent decades, such as cryptocurrencies and growing interconnection with the international financial market, have resulted in more complex criminal organizations and have revealed stronger links between financial and electronic crimes and the financing of terrorists and terrorists. rogue states, “

according to the document.

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Secret Service cryptocurrency investigations

That is why the budget authors believe that the Secret Service could support a major effort in the fight against cyber crime.

Under the authority of the Treasury, investigations into cryptocurrencies of the Secret Service could connect with those of FinCEN. This authority monitors the violations of the law of prevention of money laundering through cryptocurrencies from the perspective of the Law on banking secrecy.

Homeland Security, Secret Service and Treasury departments have already made moves to co-opt blockchain analytics companies such as Chainalysis. The budget proposal aims to make their collaboration more efficient in combating crime involving cryptocurrencies.

However, Trump’s budget is far from law. Presidential budget proposals do not have much to do with the process of approving the budget itself. Rather, it is a political document that contains Trump’s priorities on different aspects of the US macroeconomy.