Cryptocurrency firms and holders in the United States have been pressing regulators to establish norms, but there is still a lack of clarity. Concerns over cryptocurrency have once again taken precedent, with two senators proposing additional efforts to control and track cryptocurrencies.
As per reports, Sen. Roy Blunt and Sen. Mark Warner of the Intelligence Committee spoke about increasing transparency around the field. The warning was the result of the second major ransomware attack within a month where the attackers demanded a pay-off in cryptocurrencies.
Blunt voiced concerns about the anonymity provided by cryptos and said:
“We have a lot of cash requirements in our country, but we haven’t figured out in the country or in the world how to trace cryptocurrency. We’ve got to do a better job here.”
Increasing Ransomeware attacks
The ransomware attacks on Colonial Pipeline and meatpacker JBS caused significant gas shortages and meat facility closures. The former was required to pay $4.4 million in Bitcoin, while the amount of ransom wanted from JBS was unclear at the time. The FBI suspected that the attack on Colonial Pipes was carried out by a gang located in Russia with links to a renowned organisation known as DarkSide.
These distinct events have once again drawn attention to the illegal usage of cryptos. Senator Blunt requested that politicians not allow cryptos to operate “behind the scenes,” claiming that they had become the “ransom payment of choice.” Cash, on the other hand, remained the most common method of ransom in any type of financial assault.
Biden Administration at work
The Biden Administration had already begun to collect notes on cryptos and was examining its participation in both assaults. They were eager to find a way to trace transactions through exchanges. Deputy National Security Advisor Anne Neuberger was working with international governments on the same issue.
Meanwhile, Sen. Mark Warner emphasised the potential effects of a successful assault like SolarWinds on the country’s system and economy. The SolarWinds hack sent a virus to 18,000 government and private networks throughout the world.
Warner noted:
“What I’m really worried about is if we saw the kind of massive, across-the-system attack that took place last year, the SolarWinds attack. If that attack had been an effort to shut down our system, our economy would have come to a halt.”