According the the White House report, task force would be in charge of “crimes perpetrated by crypto exchanges and tumblers.
As part of the fundamental US national security interest, the Biden administration has established a five-pillar approach to combat corruption. The strategy entails forming a new task force to address potential illegal activities on cryptocurrency exchanges and other services that could be used to launder money.
The federal government intends to deploy new instruments for detecting and prosecuting money laundering violations in order to improve enforcement of anti-money laundering legislation, as well as criminal and civil laws. “PILLAR THREE: Holding Corrupt Actors Accountable” highlights the following for cryptocurrencies:
“DOJ [Deparment of Justice] will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency.”
The five-man team
The National Cryptocurrency Enforcement Team, according to the White House, would be in charge of policing “crimes perpetrated by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure operators.”
The Department of Justice has also increased its subpoena power for some financial documents kept abroad, as well as enacted new beneficial ownership disclosure regulations. Whistleblowers who share information that leads to the identification and seizure of criminal gains will be rewarded, according to the agency.
Representative Maxine Waters, leader of the House Committee on Financial Services, has invited CEOs of eight key crypto businesses to a meeting on Wednesday to discuss digital assets and the future of finance, which will run concurrently with the White House’s latest effort.
Looking forward to hearing next week with @RepMaxineWaters, ranking member @PatrickMcHenry, and the full committee (@FSCDems) to discuss Crypto and national economic competitiveness for the United States. https://t.co/rVHAvaPMUd
— Jeremy Allaire (@jerallaire) December 1, 2021
