Biden Administration Unveils Plan to Focus on ‘Prosecutions of Criminal Misuses of Cryptocurrency’ – Regulation Bitcoin News

The Biden-Harris administration has unveiled its strategy on “countering corruption.” It includes utilizing the government’s newly established task force, the National Cryptocurrency Enforcement Team, to focus on “complex investigations and prosecutions of criminal misuses of cryptocurrency.”

US Crypto Enforcement Strategy for ‘Countering Corruption’

The White House announced Monday, “In line with the president’s direction, the Biden-Harris administration is releasing the first-ever ‘United States Strategy on Countering Corruption.’” The 38-page report outlines the U.S. government’s strategy to fight corruption globally.

One of the key strategies is to “enhance enforcement efforts,” which includes a section on “cryptocurrency and corruption.” The report states:

DOJ’s newly created task force, The National Cryptocurrency Enforcement Team will be used to specifically focus on complex investigations into and prosecutions for criminal misuses.

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

In October, the Department of Justice (DOJ), launched the National Cryptocurrency Enforcement Team. U.S. Deputy Attorney General Lisa Monaco said at the time that “The team will also assist in tracing and recovery of assets lost to fraud and extortion, including cryptocurrency payments to ransomware groups.”

Biden’s strategy for fighting cryptocurrency ransomware was revealed in June by the administration. It includes “Expanding cryptocurrency analysis to find and pursue criminal transactions.”

Priti Patel (UK Home Secretary) met Monaco’s officials, as well criminal and national security division officers. They “agreed to heighten the focus on illicit use of cryptocurrency and ransomware, as well as to continue the dialogue about emerging threats to national security.”

What do you think about the U.S. government’s crypto enforcement strategy to fight corruption? Comment below.

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