Home Cryptocurrency News Senators call for greater regulation of cryptocurrency

Senators call for greater regulation of cryptocurrency

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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 with the intention 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 massive scale ransomeware assaults and elevated consideration to the significance of cybersecurity.

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Be sensible: Cryptocurrencies enable customers to make funds anonymously and might make cybercriminals tougher to hint. Ransomware funds via cryptocurrencies like Bitcoin have additionally been on the rise.

What they’re saying: Warner, the Intelligence Committee chairman, acknowledged that there might be some advantages to crypto, however famous that “we’re seeing now a number of the darkish underbelly.”

  • “We do want larger cybersecurity requirements,” he mentioned 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 unhealthy guys will merely discover one other method to disguise it,” Warner mentioned.

Blunt argued that cryptocurrency regulation is required to make sure a majority of these transactions do not stay “behind the scenes” of the U.S. monetary system.

  • “Now we have plenty of money necessities in our nation, however we have not discovered within the nation or on this planet hint cryptocurrency,” he mentioned.

  • “[Y]ou cannot hint the ransomware — the ransom fee of selection now. And we have got to do a greater job right here.”

Go deeper: U.S. plans crypto crackdown.

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