Two members of the Senate Intelligence Committee, Sens. Mark Warner (D-Va.) and Roy Blunt (R-Mo.), called on Sunday for better regulation of cryptocurrencies so as 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.
Get market information worthy of your time with Axios Markets. Subscribe for free.
Be good: Cryptocurrencies permit customers to make funds anonymously and might make cybercriminals more durable to hint. Ransomware funds by cryptocurrencies like Bitcoin have additionally been on the rise.
What they’re saying: Warner, the Intelligence Committee chairman, acknowledged that there may be some advantages to crypto, however famous that “we’re seeing now among 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 dangerous guys will merely discover one other technique to conceal it,” Warner mentioned.
Blunt argued that cryptocurrency regulation is required to make sure all these transactions do not stay “behind the scenes” of the U.S. monetary system.
“We’ve got plenty of money necessities in our nation, however we’ve not discovered within the nation or on the earth tips on how to 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.
Extra from Axios: Signal as much as get the most recent market traits with Axios Markets. Subscribe for free