Brian Nelson, U.S. President Joe Biden’s nominee for below secretary for the Division of the Treasury’s division on terrorism and monetary crimes, stated he would prioritize implementing new rules round cryptocurrency.

In a Tuesday listening to of the Senate Committee on Banking, Housing, and City Affairs, Nelson said he could be specializing in anti-money laundering rules if he have been to be confirmed for the place within the Treasury Division’s terrorism and monetary intelligence arm, including cryptocurrency could be explicit precedence. The nominee stated the Anti-Cash Laundering Act of 2020, handed by the U.S. congress this yr, would grant authorities the power to control “no matter kind” of foreign money was required.

“If I’m confirmed, I’ll prioritize implementing that piece of laws, together with new rules round cryptocurrency,” stated Nelson.

The Monetary Crimes Enforcement Community, a division of the Treasury Division, proposed rules earlier this yr which might contemplate convertible digital foreign money or digital asset transactions topic to related anti-money laundering and countering the financing of terrorism necessities. Final month, the federal government physique additionally known as for exchanges and custodians to report crypto transactions higher than $10,000 to the Inner Income Service.

This story is growing and will probably be up to date.