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In the newly released United States Strategy for Countering Corruption paper, which covers government anti-corruption initiatives, US President Joe Biden specifically mentions cryptocurrency.

The booklet outlines how the US government wants to combat corruption through five pillars. The third pillar specifically addresses cryptocurrencies (DOJ) through the Department of Justice.

According to the memo, the Department of Justice will deploy a newly formed task force, the National Cryptocurrency Enforcement Team, to focus on complex investigations and prosecutions of illegal cryptocurrency usage.

Virtual currency exchanges, mixing, tumbling services, and money laundering infrastructure operators are the principal targets of the task force.

Cryptocurrencies and Joe Biden

The president of the United States has been at the forefront of keeping cryptocurrencies out of the hands of criminals.

The president was irritated by a series of ransomware assaults on vital American infrastructure (Colonial pipeline and JBS), in which both firms were forced to pay crypto ransoms to recover access to their systems.

Following the assaults on the two institutions, the Department of Justice considered elevating ransomware concerns to terrorist risks.

Following a virtual briefing with Congress in June, the administration’s crypto task group began to make headlines this summer. At the time, Anne Neuberger, the government’s deputy national security advisor, claimed the administration was striving to reduce the use of cryptocurrencies in illegal financial activity.

The task force will investigate and track crypto transactions that impacted firms and institutions have sent—or will send—to ransomware attackers as part of the planned operation.

Biden has also served as a rallying point on the international stage, rallying Russian President Vladimir Putin and other global leaders at the G7 to take action against crypto, ransomware, and other cyber dangers.

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