Biden candidate for Treasury Department will prioritize crypto regulation

Brian Nelson, who was named Secretary of the Treasury Department’s Counterterrorism and Financial Crime Division by President Joe Biden, said he would give priority to implementing new crypto regulations.

During Tuesday’s Senate Committee on Banking, Housing and Urban Development hearing, Nelson speak he will focus on anti-money laundering regulations, and if confirmed for a position in counterterrorism and financial intelligence at the Treasury Department, the inclusion of cryptocurrencies will be a particular priority. The candidate said the 2020 Anti-Money Laundering Bill, passed by US Congress this year, would give authorities the ability to regulate “any form of currency required”.

“If approved, I will prioritize the implementation of this part of the law, including new crypto regulations,” said Nelson.

The Financial Crimes Enforcement Network, a division of the Treasury Department, proposed regulations earlier this year that take into account transactions in convertible digital currencies or potentially digital assets, similar anti-money laundering and counter-terrorist financing claims. Last month, the government agency also asked exchanges and custodians to report crypto transactions over $ 10,000 to the Internal Revenue Service.

This story evolves and is updated.