Biden administration to clamp down on crypto crimes with new task force: Bloomberg

While regulatory proposals for cryptocurrencies continue to weigh on growing digital asset markets, the Biden administration seeks to crack down on crypto crimes to combat global corruption, Bloomberg reports, citing to a report from U.S. Strategy on Countering Corruption. The White House will take advantage of the Department of Justice task force, the National Cryptocurrency Enforcement Team, which was formed in October and reports to Kenneth A. Polite Jr., assistant attorney general for the Criminal Division, Bloomberg reports. Specifically, the White House in focused on crimes committed by virtual currency exchanges, mixing and tumbling services and bad actors who facilitate money laundering, according to the report. Meanwhile, Bitcoin (BTC-USD +4.2%) and Ethereum (ETH-USD +3.6%) continue to recover after last weekend's drop. Previously, (Nov. 18) the IRS criminal unit seized $3.5B in crypto this year.