27 October 2021
Reportedly, the Biden Government is planning a wide-ranging oversight of the Crypto market and might also issue an executive order to exercise better control over the industry and its activities.
The executive order will be targeting ways to combat the growing threat of ransomware and other cybercrimes associated with Cryptocurrencies. Since long, ransomware has raked in millions, the Colonial Pipeline incident being the most threatful one.
A spokeswoman from the White House National Security Council (NSC) asserted that NSC and NEC would be working jointly to monitor the illicit use of digital assets, especially for ransomware attacks. Last month, the Biden Administration also announced the first sanctions in Crypto-ransomware attacks where it blocklisted a Russian-owned Cryptocurrency exchange called SUEX.
Additionally, the White House has also ordered the US national security advisers to associate with officials from 30 different countries to combat ransomware attacks. The regulatory oversight on the Crypto market was a major topic of debate for several months. Some lawmakers asked for strict measures, while others advocated for better regulations to boost the Crypto market.
Joe Biden’s policies and stance on Crypto haven’t pleased anyone to date. Still, the recent reassurance from the Federal Chairman that the US will not be putting a blanket ban on Crypto-like China gave Crypto enthusiasts a sigh of relief. However, the Department of Justice (DOJ) has launched a Crypto crackdown task force despite this reassurance. The new task force will keep a check on various Crypto exchanges that offer Crypto mixing services.
“Today we are launching the National Cryptocurrency Enforcement Team to draw on the Department’s cyber and money laundering expertise to strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish — and quite frankly to profit — from abusing cryptocurrency platforms,” said Deputy Attorney General Lisa Monaco
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.