Government and industry push bitcoin regulation to fight ransomware scourge

Government and industry officials confronting an epidemic of ransomware, where hackers freeze the computers of a target and demand a payoff, are zeroing in on cryptocurrency regulation as the key to combating the scourge, sources familiar with the work of a public-private task force said.

"There's a lot more that can be done to constrain the abuse of these pretty amazing technologies," said Philip Reiner, chief executive of the Institute for Security and Technology, who led the Ransomware Task Force. He declined to comment on the report before its release. The task force included representatives from the FBI and the United States Secret Service as well as major tech and security companies. It will recommend steps such as extending "know-your-customer" regulations to currency exchanges; imposing tougher licensing requirements for those processing cryptocurrency; and extending money-laundering rules to facilities such as kiosks for converting currency.

Federal investigators said a proposal to register accounts would be especially helpful for identifying drug smugglers, human traffickers and terrorists as well as ransomware groups. Records from the U.S. Marshals Service show that more than $150 million in crypto assets were seized last year and offered to the public at auction. Last week, the Marshals Service signed a $4.5 million deal with BitGo, a California-based exchange, to hold and sell more forfeited cryptocurrency.

Nice gold coin on that pic! 🤣

All who have bot this Seaming Coin will dearly be disappointed if Economy Dave down..

Companies getting their info stolen gotta get safer. Not sure how regulation fixes this. Web3 protocols like Filecoin and dfinity can do a better job solving these issues.

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EXCLUSIVE Government, industry push bitcoin regulation to fight ransomware scourgeGovernment and industry officials confronting an epidemic of ransomware, where hackers freeze the computers of a target and demand a payoff, are zeroing in on cryptocurrency regulation as the key to combating the scourge, sources familiar with the work of a public-private task force said. Wilburforceuk Pouring your wealth into a global mesh of copper and silicon passing 10,000 anonymous humans/per transaction is not the brightest thing you can do. But Americans are inherently stupid, so... Yes ... that's why they're doing it.
Source: Reuters - 🏆 2. / 97 Read more »

Government, industry push bitcoin regulation to fight ransomwareGovernment and industry officials confronting an epidemic of ransomware are zeroing in on cryptocurrency regulation as the key to combating the scourge, sources familiar with the work of a public-private task force say. The more US suppresses crypto the more ground they will lose to countries like china.. The problem with ransomware is RANSOMWARE, not the payment medium..
Source: NBCNews - 🏆 10. / 86 Read more »