The Treasury’s Brian Nelson tells House lawmakers that despite the agency’s authority to hold firms such as Binance accountable, more powers are needed.
A U.S. Treasury official has voiced concerns regarding crypto in illicit finance to the House Financial Services Committee, asking for more authority to go after bad actors. This concern was made known in testimony before a congressional hearing set for Feb. 14.
The agency is asking for better laws and more support to address these challenges effectively. Brian Nelson, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, emphasized this request in his prepared statement for a congressional hearing on terrorism and cryptocurrency crimes.
Nelson’s statement coincides with increased attention from Washington lawmakers, including Sen. Elizabeth Warren, who has been pushing for her anti-money laundering bill. The Digital Asset Anti-Money Laundering Act (DAAMLA), which Sen. Warren reintroduced to the U.S. Senate in July 2023, explicitly targets illicit uses of crypto assets for money laundering and financing terrorism.
