Crypto regulation talks in the US are becoming more serious day by day. Now two members of the House of US Senate have been urging the Government to immediately draft crypto legislation. Proposals are being sent even how to trace lost, stolen, or hacked crypto for countering the incidents of crypto scams and ransomware incidents.
Intelligence Committee is an in-house committee of the US House of Senate which is run by lawmakers. Two members of this Committee have appealed to the US Government that crypto crimes are establishing roots in the US. Their prominent target is the US public and the corporate entities working in the country, suggested Senators. They claimed that if immediate action, followed by proper crypto legislation, is not taken then too much damage will be caused.
The Senators referred to the recent incident of ransomware attackers where the extortionists victimized Colonial Pipeline, a company running a business in the US.
Even the former US President, Donald Trump gave an interview recently to Fox Business wherein he talked about crypto legislation. He said that though he is completely against the existence of crypto, yet if crypto is to stay, then it should be regulated. He argued that Bitcoin is being misused for criminal activities and now such activities are taking place in the US.
In the meantime, Deputy Attorney’s Office in the US too had shown its concerns over the use of crypto for illicit activities. She said that ransomware is one of the heinous crimes in which the corporate sector is targeted and compelled to pay the ransom. She also quoted Colonial Pipeline where the company resumed control over its servers after paying US$ 5 Million in Bitcoin to hackers. However, she told that FBI successfully traced the looted funds which are now in the official custody of the agency. Yet, she advocated that more infrastructure will need to be put in place to counter such activities in the future. She too insisted upon the need for crypto legislation.
Senator Roy Blunt shared an incident where he wanted to record incidents of ransomware. However, he told that the victims denied rendering any assistance to the Senator as the victims were avoiding the shame. Blunt said that this is the mentality that has to be rectified otherwise not even crypto legislation can bring about expected change.
He further suggested that a mechanism is required to be developed through which stolen, looted, or hacked crypto can be traced. He quoted the use of a blockchain surveillance system which was recently used by the FBI for tracing funds belonging to Colonial Pipeline. Blunt insisted that access to surveillance systems should be granted to other agencies in an effort to capture the proceeds of crime. However, what is most important is the stop the occurrences of such crimes for which a thoughtful system needs to be incorporated. Only the legislation has the answer to the majority of problems, argued Blunt.