Brian Nelson, U.S. President Joe Biden’s nominee for underneath secretary for the Division of the Treasury’s division on terrorism and monetary crimes, mentioned he would prioritize implementing new rules round cryptocurrency.
In a Tuesday listening to of the Senate Committee on Banking, Housing, and City Affairs, Nelson said he can be specializing in anti-money laundering rules if he had been to be confirmed for the place within the Treasury Division’s terrorism and monetary intelligence arm, including cryptocurrency can be explicit precedence. The nominee mentioned the Anti-Cash Laundering Act of 2020, handed by the U.S. congress this 12 months, would grant authorities the flexibility to manage “no matter kind” of forex was required.
“If I’m confirmed, I’ll prioritize implementing that piece of laws, together with new rules round cryptocurrency,” mentioned Nelson.
The Monetary Crimes Enforcement Community, a division of the Treasury Division, proposed rules earlier this 12 months which might think about convertible digital forex or digital asset transactions topic to comparable anti-money laundering and countering the financing of terrorism necessities. Final month, the federal government physique additionally referred to as for exchanges and custodians to report crypto transactions larger than $10,000 to the Inside Income Service.
This story is growing and will probably be up to date.