Following ransomware attacks, senators in the United States are pressing for stronger regulation of cryptocurrencies


Senators in the United States are calling for tighter cryptocurrency regulation in the aftermath of two significant ransomware outbreaks.

Over the weekend, two members of the Senate Intelligence Committee urged that Congress take further steps to regulate and track cryptocurrencies. The guidelines follow a second big ransomware assault in less than a month that sought digital currency payments. Senator Roy Blunt, according to Forbes, launched a rant on NBC News on Sunday against cryptocurrencies and the anonymity they give. Financial authorities are targeting cryptocurrencies throughout the world, which are pressing for more stringent rules.

Regulators are concerned about ransomware assaults.

Earlier this year, two ransomware attacks on Colonial Pipeline and JBS Meats resulted in significant gas shortages and facility closures. Colonial paid the hackers roughly $4.4 million in Bitcoin, and at the time of writing, it was unknown if JBS had paid a ransom. According to JBS, the attack was carried out by a criminal gang located in Russia. The FBI thinks DarkSide, a Russian-linked organization, attacked Colonial Pipeline. Because of the sophisticated technology utilized and the ransom is paid in bitcoin and other privacy currencies, ransomware attacks have been a significant source of worry for regulators and law enforcement organizations worldwide.

Crypto ransomware assaults are becoming increasingly common.

Senator Roy Blunt remarked that politicians should not allow cryptocurrencies to function behind the scenes, referring to them as the preferred ransom payment method by hackers. Most criminal acts still use cash; however, digital currencies with robust anonymity features are becoming more popular for these sorts of crimes. If a firm does pay, Senator Mark Warner has urged for more openness.

The senator referred to a cyber strike by Russian hackers that spread a computer virus to over 18,000 government and private networks throughout the world:

“What I’m apprehensive about is if we saw the kind of massive, across-the-system attack that took place last year, the SolarWinds attack. If that attack had been an effort to shut down our system, our economy would have come to a halt.”


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