The White House is working on an initial government-wide strategy for cryptocurrencies. According to Bloomberg, the Biden administration is planning to release the document in February this year. The administration has already contacted federal agencies with assessing the risks and opportunities that cryptocurrencies pose, according to sources close to the matter.
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The people familiar with the matter added that senior administration officials already held multiple meetings on the plan. The directive is expected to put the White House at the center of cryptocurrency regulation.
The news comes after the administration revealed a new enforcement team as part of the new strategy on countering corruption. According to the document, the Department of Justice (DOJ) will utilize a newly established task force called the National Cryptocurrency Enforcement Team.
The task force will focus on "complex investigations and prosecutions of criminal misuses" of cryptocurrencies and crimes committed by cryptocurrency exchanges, mixing and tumbling services, the document reads. Hence, the new arm plans to fight money laundering infrastructure actors.
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