decrypt.co
Trump's $4.8 billion budget for the 2021 fiscal year aims to reallocate the secret service to the treasury department in part to help fight cryptocurrency crime.
Released on Monday, the 2021 budget details plans to bolster the treasury department's control over crypto criminality. The Secret Service will aid the treasury in efforts to stop terrorist financing, the abuse of human rights and financial crimes.
The report states, "Technological advancements in recent decades, such as cryptocurrencies and the increasing interconnectedness of the international financial marketplace, have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists and rogue state actors.
“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.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) July 12, 2019
This reshuffle marks a return to form for the secret service. The agency was first established within the treasury back in 1865 and tasked with preventing the then-widespread counterfeiting of US currency.
Now, with the emergence of a more specialized route to criminal financing, the proposal aims to bring the service back to its roots.