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Two members of the Senate Intelligence Committee, Sens. Mark Warner (D-Va.) and Roy Blunt (R-Mo.), called on Sunday for higher regulation of cryptocurrencies in an effort to crack down on ransomware funds from cyberattacks.
Why it issues: Final month’s hacking of the Colonial Pipeline underscored the nation’s vulnerability to giant scale ransomeware assaults and elevated consideration to the significance of cybersecurity.
Be sensible: Cryptocurrencies permit customers to make funds anonymously and might make cybercriminals more durable to hint. Ransomware funds by way of cryptocurrencies like Bitcoin have additionally been on the rise.
What they’re saying: Warner, the Intelligence Committee chairman, acknowledged that there could be some advantages to crypto, however famous that “we’re seeing now among the darkish underbelly.”
- “We do want larger cybersecurity requirements,” he stated in his look on NBC’s “Meet the Press.”
- “That is why I am focusing extra on transparency…if an organization is paying, if there’s not some transparency of that fee, the dangerous guys will merely discover one other solution to conceal it,” Warner stated.
Blunt argued that cryptocurrency regulation is required to make sure a lot of these transactions do not stay “behind the scenes” of the U.S. monetary system.
- “Now we have quite a lot of money necessities in our nation, however we’ve not found out within the nation or on this planet hint cryptocurrency,” he stated.
- “[Y]ou cannot hint the ransomware — the ransom fee of alternative now. And we have to do a greater job right here.”
Go deeper: U.S. plans crypto crackdown.
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