White House Hunts Down Cryptocurrency

It was the middle of last year that US President Donald Trump shared his opinion on Bitcoin and cryptocurrency. In a tweet, Trump didn’t hold anything back on his distaste for anything relating to bitcoin and blockchain technology. Since that time, crypto investors have been watching and waiting for news of government crackdown on crypto and other nascent techs. 

It is quite evident that the crackdown is finally happening, and it will come sooner rather than later. The White House’s newly released 2021 budget proposal shows that the US Secret Service is shifting efforts to investigate crypto-related crimes. 

A look into the proposal shows that cryptocurrency is mentioned two times, and in those times, the word is tied to illicit acts such as money laundering, terrorism, and other crimes. 

This stance by the White House shouldn’t come as a surprise to crypto enthusiasts following President Trump’s statements. 

“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,” he said.

This marked the start of the White House’s attack on cryptocurrencies. Steve Mnuchin, the US Treasury Secretary, called the lack of any regulations surrounding crypto a severe security issue. 

Should Investors Be Worried 

The proposal is not gentle towards people caught in the act of committing crimes using cryptocurrency. 

“Technological advancements in recent decades, such as cryptocurrencies… have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists… The Budget proposes legislation to return the U.S. Secret Service to Treasury to create new efficiencies in the investigation of these crimes,” the proposal states.

The statement shows that the US government is increasing efforts to clamp down on crypto markets. 

The impact of this news on Investors mixed. The news could potentially prevent new investors from entering the market due to the imminent crackdown. 

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