US Treasury Secretary Nominated First Priority for Cryptocurrency AML: Report
The U.S. Treasury Department nominee announced that they will make combating money laundering their first priority and implement laws as soon as we learn more about it on the crypto news.
Brian Nelson, New US Finance Nominee, aims to fight terrorism and financial intelligence by preferentially targeting cryptocurrency laundering, has stated:
“If I am confirmed, I will prioritize the implementation of this part of the law, including new crypto regulations.”
Nelson was deputy chief of staff for the Department of Justice’s national security division, and his comments are in line with the U.S. government’s broader rhetoric about cryptocurrencies. Back in June, Internal Revenue Service commissioner Charles Rettig said the United States needed clear power from Congress to introduce new regulations on cryptocurrencies. Rettig says:
“The latest market cap in this world – the crypto world – topped $ 2 trillion and over 8,600 exchanges worldwide. And by nature, most cryptocurrencies are designed to stay off the radar screen, so we’re going to have a challenge. “
He added that the agency would need more tools to better monitor the fast-growing industry, while the Justice Department announced earlier that month that it would prioritize ransomware attacks similar to terrorism, a move amid the attack on the Colonial Pipeline took place. where the company paid a ransom in the millions in BTC. Elsewhere in the world, the relationship between terrorist financing and cryptocurrencies resurfaced when a senior Hamas official told the Wall Street Journal that the group had seen a surge in BTC donations during the recent conflict with Israel. The Hamas official said:
“There was definitely a tip [in Bitcoin donations]. Some of the money will be used for military purposes to protect the fundamental rights of the Palestinians. “
As recently reported, strong demand could drive the price of Bitcoin higher, according to US Treasury Secretary Lawrence Summers, who previously said Bitcoin was “here to live.” Lawrence Summer said that BTC’s limited supply will be a factor imposing strong demand that could eventually increase the price of the number one cryptocurrency. The former US Treasury Secretary noted that institutions and those who see it as a hedge against inflation are turning more than ever to cryptocurrencies. At the same time, BTC is not just a currency, as experts have noted.
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