US Includes Cryptocurrencies in Anti-Corruption Strategy

The Biden administration published the United States Strategy on Countering Corruption. In the first such document for the country, cryptocurrencies are mentioned.

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The strategy sets out a government-wide approach across five core pillars. Among them, in the pillar on holding wrongdoers to account, digital assets are included.

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The Department of Justice will use created National Cryptocurrency Enforcement Team to devote particular attention to comprehensive investigations and criminal prosecutions of the illicit use of digital assets

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The document says.

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The target group will focus on “crimes committed by exchanges, mixing services and money-laundering infrastructure entities”.

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Earlier in the administration, authorities drew attention to cryptocurrencies, due to their use in ransomware attacks. This followed a string of such incidents involving major American companies. In May 2021, Colonial Pipeline operator paid the attackers $5 million in Bitcoin, and the world’s largest meat producer JBS — $11 million.

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According to reports, authorities intend to tackle Bitcoin ransomware by tracking ransom payments made by victims, and by restricting payments to hackers.

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In the United States, investigations into ransomware attacks have been given the same priority as terrorism cases. The connection between cryptocurrencies and the latter was stated by Finance Secretary Janet Yellen before taking office.

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United States Strategy on Countering Corruption by ForkLog on Scribd

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