Last week, the US Senate Committee on Banking, Housing, and Urban Affairs called for greater government regulation of cryptocurrencies, following scrutiny of the virtual currency industry in recent months.
Over the past few years, the price of Bitcoin has skyrocketed, leading to countless articles warning of the impending bubble. Despite the fact that the price has fluctuated a lot, it has also been doing better than most people predicted. To the best of my knowledge, it is the safest and most secure digital currency we have, and it’s also the most used. Because of this it can be seen as a digital gold, or even a currency. But how is it used?
In response to the recent surge in the value of certain cryptocurrencies, two U.S. Senators are calling for increased measures to regulate and trace cryptocurrencies. The senators say that cryptocurrency markets, with their skyrocketing values and rapid fluctuations, make them a target for criminals who would like to launder stolen funds.. Read more about is cryptocurrency legal and let us know what you think.Two US senators have called on lawmakers to strengthen regulatory measures for cryptocurrencies, including tracking cryptocurrency transactions to combat ransomware attacks. We haven’t figured out how to track cryptocurrencies, either domestically or globally, said one senator, adding that we need to do better.
Senators call on lawmakers to better regulate cryptocurrencies
Two Intelligence Committee senators discussed the government’s efforts to combat the growing problem of cryptocurrency ransomware in an interview with NBC News on Sunday. Senator Roy Blunt recalled that he and Senator Tom Carper led the effort to make the reporting of ransomware attacks mandatory. But, he added, there was a lot of pushback because no one wanted to report that it had been hacked. He added: This is a battle we have been fighting for almost a decade now. And the only way to find out is to understand how widespread the problem is, to try to infer a pattern. He stressed that cryptocurrencies should not be in the background of the whole system. The senator said: We need a lot of cash in our country, but we haven’t figured out how to track cryptocurrencies in the country or the world….. We need to improve in this area. People almost always pay ransom. There are very few consequences. And you can’t trace ransomware – ransomware you can get now, he pointed out. Another senator, Mark Warner, has also commented on the use of cryptocurrencies in ransomware. He said: Distributed registry technology has done a lot of good, but now we’re seeing some drawbacks, some problems, so I’m focusing more on transparency. He noted that if a company pays and there is no transparency about that payment, the bad guys will just find another way to hide it, adding: The debate over cryptocurrencies and ransomware has only just begun. So let us start by introducing these transparency requirements. Last week, Lisa Monaco, an assistant attorney general and senior Justice Department official, warned that companies need to be better prepared to combat ransomware attacks. In an interview with CNBC, she said the message to viewers here, to CEOs across the country, should be to be aware of the exponential growth of these attacks. She’s made her point: The use of cryptocurrencies can certainly have many positive purposes, but we must be wary of abuse and improper use by criminal actors in this space. Therefore, both the exchanges and the companies that work with them must cooperate with the FBI. What do you think of the two senators calling for more regulation of cryptocurrencies to combat the problem of ransomware? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Senators Tom Carper (D-Del.) and Mark Warner (D-Va.) have called for increased regulatory measures to trace and regulate cryptocurrencies, as the value of cryptocurrencies has reached record highs. Carper and Warner, members of the Senate Homeland Security and Banking committees, have released a statement saying that the value of the cryptocurrency market continues to rise and it is essential to monitor the markets to ensure that investors’ interest are protected. “Given the rise of cryptocurrency, we need to ensure that investors, regulators, and consumers are aware of the potential risks,” they said in a joint statement.. Read more about why is cryptocurrency valuable and let us know what you think.
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