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The president of the United States has made few public pronouncements about cryptocurrency and blockchain, however officials in his administration are apparently evaluating present restrictions.
According to Biden’s national security advisor, Jake Sullivan, US President Joe Biden would talk directly about cryptocurrencies and its role in the assault on the Colonial Pipeline and other ransomware attacks.
In a White House press briefing on Monday, Sullivan said U.S. officials, seemingly including Biden, would like to see an action plan regarding ransomware attacks during the president’s visit to the G-7 summit this weekend. The national security adviser said this plan should address the resilience of such attacks, how to share information with other democracies and “how to deal with the cryptocurrency challenge.”
Sullivan stated that crypto “lies at the heart of how these ransom transactions are carried out,” noting cyberattacks as a “national security priority” for the United States government, particularly for “critical infrastructure.” His words come after hackers allegedly breached the network behind the Colonial Pipeline in May, forcing the company to pay a $4.4 million ransom.
“It has to become a priority going forwards,” Sullivan added, referring to the G-7’s response to similar ransomware assaults. He defined the problem as a “different order of magnitude of a security threat that the alliance needs to be concerned about in a way that it hasn’t historically.”
As a person, President Biden has been fairly mute on crypto and blockchain, both as Vice President under former President Barack Obama and throughout his candidacy for office. Following a huge attack that took over high-profile accounts and encouraged their followers to contribute crypto, then-candidate Biden stated last July that he did not possess Bitcoin (BTC).
However, his government is allegedly assessing existing crypto legislation and considering if new limitations are required to safeguard investors following market volatility. Bitcoin has dropped more than 44 percent since reaching an all-time high of almost $65,000 in April, reaching $35,588 at the time of publishing.
The G-7 summit will be place in the United Kingdom from June 11 to June 13. It will be Biden’s first international travel as President of the United States since his inauguration in January.