White House weighs broader oversight of cryptocurrency market
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are positioned on PC motherboard on this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
WASHINGTON, Oct 8 (Reuters) – The White Home is contemplating a large ranging oversight of the cryptocurrency market to fight the rising risk of ransomware and different cyber crime, a spokeswoman mentioned on Friday.
“The NSC and NEC are coordinating throughout the interagency to have a look at methods we will be certain that cryptocurrency and different digital belongings should not used to prop up dangerous actors, together with ransomware criminals,” the White Home Nationwide Safety Council spokeswoman mentioned.
The oversight might embody an govt order, Bloomberg Information reported on Thursday. The spokeswoman didn’t touch upon whether or not an govt order will probably be a part of such oversight.
Ransom software program works by encrypting victims’ knowledge. Usually hackers will supply the sufferer a key in return for cryptocurrency funds that may run into lots of of 1000’s and even thousands and thousands of {dollars}.
Earlier this month, President Joe Biden mentioned high U.S. nationwide safety advisers will collect officers from 30 nations this month .
A web-based session hosted by the White Home Nationwide Safety Council may also be aimed toward “bettering regulation enforcement collaboration” on points like “the illicit use of cryptocurrency,” Biden had mentioned.
Reporting by Nandita Bose;
Enhancing by Sandra Maler
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