Friday, January 21

White House puts cryptocurrencies in task force’s crosshairs

The White House, official residence of US President Joe Biden, issued a statement on Tuesday (21), making it clear that cryptocurrencies are in the crosshairs of a task force in the country.

The cryptocurrency market was heavily cornered by governments in the year 2021, which, upon observing the sector’s growth, rushed to create rules. In the United States, the world’s greatest economic and military power, the subject became the subject of debate in the National Congress, SEC, and also in the presidency.

One of the reasons that Joe Biden looked closely at this sector was due to cyber ransomware attacks, which affected vital services in the country. The matter came to be on the agenda among the leaders of the greatest powers, the G7, which issued a statement against Russia, for alleged involvement in this action.

White House announces cryptocurrencies targeted by anti-corruption task force

The White House communication in the United States on Tuesday released the “Anti-Corruption Strategy“, document which has 38 pages and talks about various subjects.

According to the file, this corresponds with the memo from the “National Security Study on Establishing Combating Corruption as a National National Security Interest of the United States,” the latter issued in June 2021.

With the strategy defined in strategic pillars to be covered immediately, five actions will be carried out by the authorities. In one of them, defined as Pilar 3, the United States waits hold the agents responsible that create corruption in the country.

In this position, an action to improve inspection efforts was taken, with six points highlighted.

THE second point is fighting corruption with cryptocurrencies, of which the White House informed that there is already a task force created recently by the Department of Justice that will focus on complex investigations involving this sector.

“Cryptocurrency and Corruption: The DOJ will utilize a newly created task force, the National Cryptocurrency Execution Team, to focus specifically on complex investigations and prosecutions of cryptocurrency misuse, particularly crimes committed by virtual currency exchange, mixer services and tumbling and money laundering infrastructure actors.”

With cryptocurrencies in the spotlight, employees of government agencies and companies caught with illicit use of cryptocurrencies could be harshly framed by the task force, which should focus on specific actions to mitigate this problem.

In the White House communiqué, the issue of corruption made it clear that the fight against crimes of this nature will no longer be admitted, as a “a fundamental threat to the rule of law, corruption drains institutions, erodes public confidence and fuels popular cynicism about effective and accountable governance“.