Treasury Nominee Says Crypto Is Anti-Money Laundering Priority

(Bloomberg) -- The Biden adminstration’s nominee to head the Treasury Department’s terrorism and financial intelligence division said he would prioritize efforts to prevent cryptocurrencies from undermining U.S. anti-money laundering laws.

Responding to a question about the Anti-Money Laundering Act of 2020, passed by Congress early this year, nominee Brian Nelson said the law granted new authorities to officials to regulate currencies “in whatever form.”

“If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency,” the California attorney said Tuesday in a confirmation hearing before the Senate Banking Committee.

Nelson appeared alongside Elizabeth Rosenberg, the nominee for assistant secretary for terrorism financing at the Treasury. She said she would ensure rules applied to crypto are appropriate and consistent.

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