Biden nominees for US Treasury Department will prioritize cryptocurrency regulation
For the candidate of the terrorism division in the Department of the Treasury and financial intelligence, Brian Nelson, the regulation of cryptocurrencies will be a priority to take office.
The nominee by the president of the United States, Joe Biden, for undersecretary of the Treasury division promised – if confirmed – to guarantee the implementation of new regulations against money laundering (AML); including regulation around cryptocurrencies.
Nelson, who is a California-based attorney and was nominated by Biden earlier this year, spoke in Tuesday during a Senate Committee on Banking, Housing and Urban Affairs hearing.
“If confirmed, I will prioritize the implementation of that legislation, including the new regulations on cryptocurrencies.”
Nelson pointed out that the 2020 Anti-Money Laundering Law, a bill passed last year, is already in charge of the Financial Crimes Enforcement Network (FinCEN) to enforce new regulations related to cryptocurrencies.
“Obviously, this is an issue that was [and] has been a major concern for some time now, and it’s reflected in the new Anti-Money Laundering Law that this committee really championed,” he said. “If they confirm me, I will prioritize the implementation of that piece of legislation, including the new regulations around cryptocurrencies.”
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He added that the Treasury Department’s Office of Financial Crimes and Terrorism Financing would have to work with its international partners to tackle crimes related to digital currencies.
It should be noted that, in addition to Nelson’s nomination as Under Secretary for Terrorism and Financial Crimes, Biden also nominated Elizabeth Rosenberg as Under Secretary for Terrorism Financing earlier this year. She also participated in the hearing and shared Nelson’s opinion on crypto regulation.
Rosenberg, who is currently the Counsel to the Under Secretary of the Treasury Department, noted that international cooperation is needed to tackle crimes related to digital assets. As quoted by Coindesk, she indicated that she would “seek to ensure” that cryptocurrency regulations are appropriate and consistent across different jurisdictions.
Treasury Secretary Janet Yellen repeatedly raised concerns about the use of cryptocurrencies in terrorist financing during her own confirmation process. The new director of the SEC, Gary Gensler – who was also nominated by Biden – has also insisted on a federal regulation for the country’s cryptocurrency exchanges.
Additionally, more recently, the government appears to be paying increased attention to cryptocurrency transactions in an effort to fight ransomware attacks that domestic companies have suffered this year.