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Joe Biden calls for increased funding for the US Financial Crimes Network
Joe Biden; The President of the United States of America has requested an increase in the budget of the American Financial Crimes Network (FinCEN) to $ 191 million, which is $ 64 million more than the main budget of the organization (budget requested in 2021).
The increase in the US Financial Crimes Network enables the organization to more accurately address legal ambiguities in its financial reporting. Offenders seek to seize opportunities created by legal ambiguities to conceal their income or business activities.
The additional requested budget will be used to create a database. This database will eventually be used to track and control the financial activities of "companies and organizations" to prevent the use of complex structures to conceal illegal activities.
FinCEN opposes cryptocurrencies
The proposed US Financial Crimes Network Act during Donald Trump's presidency has been opposed by many crypto industry activists. In January 2020, the organization added a new amendment to the U.S. Banking Act that would require U.S. citizens to disclose their cryptocurrency assets.
However, the proposal to authenticate users of wallet service providers sparked a wide-ranging debate among crypto industry activists, which was eventually halted by Biden.
As a result of Biden's proposal, the Financial Crimes Network is on the verge of a 50 percent budget increase. However, the budget for the proposal has not been finalized, and Congress will present its draft for the Optional Expenditure so that the President can make a more detailed proposal at the end of the year.
Despite the US Financial Crimes Network's tough approach to the cryptocurrency industry, the increase in the organization's budget does not seem to be a good thing for industry activists.
What do you think of Joe Biden's proposal to increase the US Financial Crimes Network by 50 percent? Will FinCEN continue to provide strict rules for the cryptocurrency industry? Let us know in the comments.
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