President Biden’s nominee for the Department of the Treasury’s under secretary for terrorism and financial intelligence labeled new regulations around cryptocurrency as a priority of his if confirmed.
Brian Nelson, nominated to lead the unit responsible for developing and implementing the National Money Laundering Strategy and other policies and programs to fight financial crimes, said that he would implement pieces of legislation within the Anti-Money Laundering Act of 2020, but noted the importance of not shutting down safe new technologies.
The law was passed on January 1 and made significant changes to the Bank Secrecy Act of 1970 by expanding the duties and powers of the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.
