Nominee for Treasury Post Says He Will Pay Special Attention to Cryptocurrencies and AML

WASHINGTON—The Biden administration’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,” Bloomberg reported.
“If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency,” the California attorney said 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, Bloomberg said.