White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
[NEWS BLOG]: White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
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.
It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
White House Budget Proposal Links Crypto to Crime and Terrorism
In the 106-page document, the word “cryptocurrency” is only mentioned twice, and on both occasions, it is tied directly to terrorism financing, money laundering, and other crimes.
The White House’s aggressive stance towards cryptocurrencies shouldn’t come as a surprise to market participants, however, as President Trump noted in his now infamous July tweet that he isn’t a “fan of Bitcoin and other cryptocurrencies,” further going on to say that they help facilitate unlawful behavior.
“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 wasn’t the end of the White House’s attack on cryptocurrencies, as the US Treasury Secretary Steve Mnuchin later called the lack of regulations surrounding the crypto markets a “national security issue.”
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Ethereum Builder ConsenSys Shutters India and Philippines Operations.
ConsenSys, the ethereum blockchain development company with over 30 hubs around the globe, has shut down key operations in India and the Philippines, CoinDesk has learned.
ConsenSys chief Joe Lubin informed the teams via email that they would be closed down, people familiar with the situation said.
A member of the seven-person team in India confirmed the closures of the local office and the Philippines operation but referred further questions to the main office in Brooklyn, N.Y.
"A total of 11 roles were eliminated in India and the Philippines due to a realignment of the sales and services team in - read more.