{"id":414184,"date":"2020-02-11T01:00:48","date_gmt":"2020-02-11T01:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=414184"},"modified":"2020-02-10T23:32:50","modified_gmt":"2020-02-10T23:32:50","slug":"white-house-moves-towards-intense-crypto-crackdown-what-will-it-mean-for-investors","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/white-house-moves-towards-intense-crypto-crackdown-what-will-it-mean-for-investors\/","title":{"rendered":"White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?"},"content":{"rendered":"

Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.<\/p>\n

It now appears that this crackdown could be on its way in the coming couple of years, as the White House\u2019s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.<\/p>\n

White House Budget Proposal Links Crypto to Crime and Terrorism<\/strong><\/h2>\n

In the 106-page document<\/a>, the word \u201ccryptocurrency\u201d is only mentioned twice, and on both occasions, it is tied directly to terrorism financing, money laundering, and other crimes.<\/p>\n

The White House\u2019s aggressive stance towards cryptocurrencies<\/a> shouldn\u2019t come as a surprise to market participants, however, as President Trump noted in his now infamous July tweet that he isn\u2019t a \u201cfan of Bitcoin and other cryptocurrencies,\u201d further going on to say that they help facilitate unlawful behavior.<\/p>\n

\u201cI 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,\u201d he said.<\/p><\/blockquote>\n

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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….<\/p>\n

— Donald J. Trump (@realDonaldTrump) July 12, 2019<\/a><\/p><\/blockquote>\n