Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. â€œWe havenâ€™t figured out in the country or in the world how to trace cryptocurrency,â€ one senator said, adding that â€œWeâ€™ve got to do a better job here.â€
Senators Urge Lawmakers to â€˜Do Betterâ€™ in Regulating Cryptocurrencies
Two senators on the Intelligence Committee talked about the governmentâ€™s efforts to combat a growing problem of ransomware involving cryptocurrency in an interview with NBC News Sunday.
Senator Roy Blunt recalled that he and Senator Tom Carper were leading the effort to try to make reporting of ransomware attacks mandatory. However, he said that â€œthere was a lot of pushbackâ€ because â€œNobody wanted to report that they had been hacked.â€
He added: â€œThat was a fight weâ€™ve been having now for almost a decade. And the only way you can begin to get on top of this is to know how pervasive the problem is, try to develop a pattern.â€ He emphasized that cryptocurrency should not be allowed to be â€œbehind the scenes in the entire system.â€
The senator elaborated:
â€œPeople almost always pay the ransom. There are very few consequences. And you canâ€™t trace the ransomware â€” the ransom payment of choice now,â€ he emphasized.
Another senator, Mark Warner, also commented on cryptocurrency use in ransomware. He said: â€œThere was some good things coming out of distributed ledger technology, but we are seeing now some of the dark underbelly, the challenges, and thatâ€™s why Iâ€™m focusing more on transparency.â€
He noted that â€œif a company is paying, if thereâ€™s not some transparency of that payment, the bad guys will simply find another way to hide it,â€ adding:
Last week, Lisa Monaco, deputy attorney general, a top Justice Department official, warned that businesses need to be more prepared to fight ransomware attacks. She told CNBC in an interview that â€œThe message needs to be to the viewers here, to the CEOs around the country, that youâ€™ve got to be on notice of the exponential increase of these attacks.â€ She opined:
What do you think about the two senators calling for increased crypto regulation to combat the ransomware problem? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.