The Biden administration announced a plan focused on “prosecuting the crime of abusing cryptocurrency” – Regulate Bitcoin News

The Biden-Harris administration announced its “anti-corruption” strategy. It includes using the government’s newly established working group, the National Cryptocurrency Enforcement Group, to focus on “complex investigations and prosecutions of criminal abuse of cryptocurrency.”

U.S. “anti-corruption” cryptocurrency enforcement strategy

The White House announced on Monday that “in accordance with the President’s instructions, the Biden-Harris administration will issue the first’U.S. Anti-Corruption Strategy’.” This 38-page report outlines the U.S. government’s global strategy to combat corruption.

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

The Ministry of Justice will use a newly established working group, the National Cryptocurrency Enforcement Group, to focus exclusively on complex investigations and prosecutions of criminal abuse of cryptocurrency.

The report added that this work will pay particular attention to “crimes committed by participants in virtual currency exchanges, hybrid and rollover services, and money laundering infrastructure”.

Department of Justice (DOJ) roll out National Cryptocurrency Enforcement Team (NCET) in October. US Deputy Attorney General Lisa Monaco said at the time, “The team will also assist in tracking and recovering assets lost due to fraud and extortion, including payment of cryptocurrency to ransomware groups.”

In June, the Biden administration announced its strategy Fight against cryptocurrency ransomware. It includes “expanding cryptocurrency analysis to detect and trace criminal transactions.”

In November, Monaco and officials from the Department of National Security and Criminal Affairs met with Pritty Patel, the Secretary of the Interior of the United Kingdom. them”agree Increase attention to the illegal use of cryptocurrency and ransomware, and continue dialogue on emerging national security threats. “

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

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