“If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency,” said Biden’s Nominee, Brian Nelson.
Brian Nelson, President Joe Biden’s nominee for undersecretary of the Treasury’s division on terrorism and financial crimes, stated that he would prioritize the implementation of new cryptocurrency rules.
Nelson said if he were to be confirmed for the position in the Treasury Department’s terrorism and financial intelligence arm, he would focus on anti-money laundering regulations, with cryptocurrency being a particular priority, during a Senate Committee on Banking, Housing, and Urban Affairs hearing on Tuesday.
The Anti-Money Laundering Act of 2020, which was enacted by the US Congress this year, would provide authorities the power to control “any form” of cash was required, according to the nominee.
“If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency,” said Brian Nelson.
The Treasury Department’s Financial Crimes Enforcement Network proposed regulations earlier this year that would subject convertible digital currency or digital asset transactions to comparable anti-money laundering and counter-terrorist financing standards.
The government body also demanded that exchanges and custodians record cryptocurrency transactions worth more than $10,000 to the Internal Revenue Service last month.
This story is developing and will be updated as more information becomes available.