As per the latest reports, Brian Nelson has revealed that way he is going to deal with cryptocurrencies and their regulation. Brian Nelson is reportedly the nominee for the Terrorism and Financial Crimes Department operating under the Treasury Department.
He is a direct nominee that has been chosen by Joe Biden to go for the position and see how it works out. Nelson has very firm and streamlining plans for the entire cryptocurrency sector in the United States.
According to Nelson, his goal would be to introduce reforms into the cryptocurrency industry in the United States with new regulations around the sector. His aim would be to implement them at the earliest so the entire cryptocurrency sector can be streamlined at the earliest.
Nelson shared his views about cryptocurrencies during the Banking, Housing, and Urban Affairs hearing set by the Senate Committee on Tuesday, June 22, 2021. Similar to any other regulatory authority, Nelson also has the same view of cryptocurrencies when it comes to their adoption.
He stated that ever since the introduction of cryptocurrencies, money-laundering activities have increased significantly around the world. He added that even the United States is not safe from this problem and is faced with the worst money-laundering cases emerging in the country.
Therefore, it is extremely important to focus on this particular matter and introduce strong and firm anti-money laundering (AML) regulations. This needs to be ensured that the reforms keep coming in to face all challenges that the regulatory and federal authorities continue facing.
He stated that if he is elected to lead the Terrorism and Financial Intelligence division at the Treasury Department, he will ensure the process is expedited.
Catherine Cortez Masto, the Nevada Senator went ahead and asked Nelson about the cryptocurrency heists and the damages done by them. He stated that the AML Act of 2020 has provided regulators with a lot of authority in order to prevent the undermining of existing laws by cryptocurrencies.
However, the United States needs to let cryptocurrencies expand in the country as cryptocurrencies are not just tools for money laundering. Instead, the creation of cryptocurrencies was carried out with a mindset of responsible innovation.
He stated that if he is entrusted with the position, he will bring out the legislations that have been there in the AML Act of 2020 that have not been brought up.
Nelson added that he would also go ahead introducing new regulations for cryptocurrencies so the industry can also flourish. With the passage of time, the entire world has started moving towards cryptocurrencies and digital assets.
Nelson stated that it is about time that they moved towards cryptocurrencies and started adopting the technology.