Biden Administration Unveils Plan to Focus on Prosecuting Criminal Misuse of Cryptocurrency” – Regulation

The Biden-Harris administration has unveiled its strategy to “fight corruption.” This includes establishing the government's newly established task force, the National Cryptocurrency Enforcement Team, to focus on "complex investigations and prosecutions of criminal misuse of cryptocurrencies."

US crypto enforcement strategy to “fight corruption”

The White House announced Monday: "Consistent with the President's direction, the Biden-Harris Administration is releasing the first-ever 'United States Anti-Corruption Strategy.'" The 38-page report outlines the US government's strategy to combat corruption worldwide.

One of the key strategies is to “strengthen enforcement efforts,” which includes a section on “Cryptocurrency and Corruption.” The report states:

The DOJ will establish a newly established task force, the National Cryptocurrency Enforcement Team, to specifically focus on complex investigations and prosecutions of criminal misuse of cryptocurrencies.

The report adds that the work will particularly focus on “crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

The Department of Justice (DOJ) started the National Cryptocurrency Enforcement Team (NCET) in October. U.S. Assistant Attorney General Lisa Monaco said at the time: “The team will also help trace and recover assets lost through fraud and extortion, including cryptocurrency payments to ransomware groups.”

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

In November, Monaco and officers from the National Security Division and Criminal Division met with British Home Secretary Priti Patel. She " agreed to increase the focus on the illegal use of cryptocurrency and ransomware and continue the dialogue on emerging national security threats.”

What do you think of the US government’s crypto enforcement strategy to combat corruption? Let us know in the comments section below.

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