Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation

A public-private task force has actually sent a report to the Biden administration that consists of suggestions to tighten the regulation of cryptocurrencies, consisting of bitcoin, with the goal to fight ransomware. “The cryptocurrency sector that makes it possible for ransomware criminal activity must be more carefully managed,” the task force composed.

White House Urged to Tighten Crypto Regulation

A task force, arranged by the Institute for Security and Technology, sent a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 suggestions, a few of which target at tightening up crypto regulation.

The suggestions were established by the Ransomware Task Force (RTF), which the report refers to as “a broad union of volunteer specialists from market, federal government, police, civil society, cybersecurity insurance providers, and global companies.” Its objective is to “supply a tactical structure for a systemic, international method to alleviating the ransomware issue.”

The report declares that “Ransomware payments are normally made in cryptocurrency,” which “are tough to trace.” One of the “Priority suggestions” laid out in the report checks out:

The cryptocurrency sector that makes it possible for ransomware criminal activity must be more carefully managed. Governments must need cryptocurrency exchanges, crypto kiosks, and non-prescription (OTC) trading ‘desks’ to abide by existing laws, consisting of Know Your Customer (KYC), Anti-Money Laundering (AML), and Combatting Financing of Terrorism (CFT) laws.

The report elaborates on some crypto-related suggestions, such as to “Develop brand-new levers for voluntary sharing of cryptocurrency payment signs,” “Incentivize voluntary info sharing in between cryptocurrency entities and police,” and “Centralize proficiency in cryptocurrency seizure, and scale criminal seizure procedures.”

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“The usage of cryptocurrency includes to the obstacle of determining ransomware crooks, as payments with these currencies are tough to quality to any private,” the report information. “Ransomware crooks can also obscure their deals through cryptocurrency ‘blending services.’” It also keeps in mind that some groups will also need payment in personal privacy coins, such as Monero. However, the task force explained that presently, these coins “are not as liquid as Bitcoin and other cryptocurrencies.”

Members of the RTF consist of the U.S. Federal Bureau of Investigation (FBI), U.K. National Crime Agency (NCA), and agents from the U.S. Secret Service (USSS), U.K. National Cyber Security Centre (NCSC), and the Royal Canadian Mounted Police’s National Cybercrime Coordination Unit.

“Ransoms paid by personal companies siphon countless dollars towards criminal business every year,” the report includes, keeping in mind that “The overall quantity paid by ransomware victims increased by 311% in 2020, reaching almost $350 million worth of cryptocurrency.”

What do you think of this task force promoting the federal government to tighten crypto regulation? Let us understand in the comments area below.

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