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Biden administration starts campaign for “Prosecise Crypto Criminals”

The Biden-Harris administration has announced an “anti-corruption strategy”. In that strategy, the government’s newly formed task force – the National Cryptocurrency Enforcement Team (NCET) – will “conduct complex investigations and prosecutions of criminals who abuse cryptocurrency”.

US President Joe Biden

US cryptocurrency enforcement strategy to fight corruption

The White House announced on Monday:

“At the direction of the President, the Biden-Harris administration will launch the first US anti-corruption strategy.”

The 38-page report outlines the US government’s global anti-corruption strategy. One of the key strategies is “Stepping Up Enforcement Efforts” which includes a section on “Cryptocurrency and Corruption”. The report says:

“The DOJ will use the newly formed NCET task force to specifically focus on the complex investigations and prosecutions of crypto criminals.”

In addition, the plan specifically focuses on “crimes committed by cryptocurrency exchanges, mixed services and money laundering infrastructure actors”.

The Department of Justice (DOJ) launched NCET in October. U.S. Assistant Attorney General Lisa Monaco said at the time:

“The team will also help track and restore assets lost to fraud and extortion, including cryptocurrency payments to ransomware groups.”

In June, the Biden administration unveiled its strategy to combat ransomware, which includes “expanding cryptanalysis to find and track criminal transactions”.

In November, Monaco and officials from the Department of National Security and the Criminal Division met with British Home Secretary Priti Patel. They “united to focus on combating illegal use cases of cryptocurrencies and ransomware and to continue the dialogue on emerging threats to national security”.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.