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Are You Caught-Up Between Two Stools To Decode White House’s Budget-2021 Proposal?
There have always been two different perspectives to a half-filled glass with water. When I can see ‘half of the glass is filled-in’, others may look at it in different way, as ‘half-emptied portion’. So is the case with the Trump’s proposal on budget-2021 links to crypto-regulations.
In this perspective, we shed some light on the U.S. President Donald Trump’s $4.8 trillion budget proposalfor FY 2021, that has been released yesterday.
As stated above, everything will have two dimensions to interpret, a couple of analysts perceive this move as the room for new efficiencies as the US legislatures’ intentions of expansion of the Treasury Department’s cryptocurrency oversight by returning the United States Secret Service, now a division of the Department of Homeland Security, to its jurisdiction.
Well, as the recent trend has seen drastic technological advancements, such as cryptocurrencies, willingness to shift in cross-border payment transactions and the growing inter-connectedness of the international financial marketplace, have also resulted in quite a few complicated criminal organizations and revealed stronger links between financial and electronic scams and the financing of terrorists, White House proposes legislation for Budget-2021 to return the U.S. Secret Service to Treasury to create new efficiencies in the investigation of these crimes and equip the nation to confront the potential threats of tomorrow so effectively.
On the flip side, we have quite a few other analysts who construe this as a crackdown which is in the pipeline as the 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
This sort of perception is because, in a blistering tweet, Trump divulged his negative stances on Bitcoin back in July. As a result, crypto investors appeared to have been apprehensive foreseeing news regarding when the government would begin a formal crackdown on the emerging technology and evolving currency system.
We constantly keep reiterating that ‘Blockchain’ as budding technology and “Cryptocurrencies’ as evolving currency system seem to be the most probable solutions to get rid of many bottleneck situations that exist in the current era. While the lingering prospects among the Blockchain space has already led the keen interest and continues to mount everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies, or from manufacturing industries to the shipment companies or defense have been exploring, investing in and deploying the blockchain technology.
It is observed that there are currently more than 700 cryptocurrency/blockchain investment funds, as per the research report. Hedge funds or hybrid funds and venture capital firms are having lion’s share in this number. With the latest movement by White House, we have to wait & watch how do they exactly position themselves.