US Treasury Nominee Makes AML Top Crypto Priority: Report

The US Treasury Nominee claims he will make anti-money laundering his top crypto priority and will implement legislation targeting it as we are going to find out more about it in our latest cryptocurrency news today.

Brian Nelson, the new US Treasury Nominee aims to fight against terrorism and financial intelligence by targeting crypto money laundering as a matter of priority and stated that:

 “If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency.”

Nelson served as the deputy chief of staff of the Justice Department’s national security division and his comments are in line with the wider US Government rhetoric regarding crypto. Back in June, Charles Rettig who is the commissioner of the Internal Revenue Service said that the US needed explicit congressional authority to launch new regulations on crypto.
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Rettig said:

“The most recent market cap in that world—the crypto world—exceeded $2 trillion and more than 8,600 exchanges worldwide. And by design, most crypto, virtual currencies are designed to stay off the radar screen, so—we will be challenged.”

He added that the agency will need more tools to better monitor the fast-growing industry while in the same month, the Department of Justice announced that it will give ransomware attacks the same priority as terrorism which is a move that came amidst the Colonial Pipeline attack where the company paid a multi-million-dollar ransom in BTC. Elsewhere in the world, the ties between terrorism financing and crypto reemerged when a senior Hamas official talked to the Wall Street Journal that the group saw an increase in BTC donations during the recent conflict with Israel. The Hamas official said:

“There was definitely a spike [in Bitcoin donations]. Some of the money gets used for military purposes to defend the basic rights of the Palestinians.”

As recently reported, The strong demand could possibly increase Bitcoin’s price according to the US Treasury Secretary Lawrence Summers who previously said that Bitcoin is “here to stay.” Lawrence summers say that the finite supply of BTC is going to be a factor that will impose a strong demand which eventually could raise the prices of the number one cryptocurrency. The former US Treasury Secretary noted that institutions and people that find it as a hedge from inflation are turning to crypto now more than ever. At the same time, BTC is more than just a currency as experts noted.