As the adoption of cryptocurrency continues in the United States, lawmakers want to better understand how it is used – for both legal and illegal purposes. Senator Warren
The Ransom Disclosure Act, introduced by Senators Elizabeth Warren and Rep. Deborah Ross, requires victims of ransomware attacks to provide the Department of Security Homeland Security (DHS) with information about ransom payments.
The bill, unveiled on October 5, aims to collect vital data on fiat and crypto payments while protecting investors from cyber criminals.
In an ongoing effort to curb illicit financial activity in the United States, Senator Warren’s bill aims to build a “bigger picture” of ransomware attacks:
“My bill with Congressman Ross would include ransom disclosure requirements and allow us to see how much money cybercriminals are withdrawing from US companies to fund criminal businesses. Criminals – and help us track them down.”
The bill would also support a study to find a link between cryptocurrencies and their role in ransomware attacks, led by the Minister of Homeland Security. The information collected is used to make recommendations on how to improve the country’s cybersecurity.
As Congressman Ross pointed out, US investors are not yet required to report ransomware payments, which they believe is key to combating ransomware attacks. The new law “will meet significant reporting requirements, including the amount of ransom money requested and paid and the currency used,” she said.
The bill requires victims of ransomware in the US to disclose the ransom within 48 hours of payment through a website set up by DHS.
Related: Small Business Advocacy Group recommends US Congress to clarify the state of digital assets
As federal agencies continue to propose bills to regulate the cryptocurrency market, a report released by the US Securities and Exchange Commission calls on Congress to “clarify the status of a digital asset to clarify when it is a security.”
In addition, a new bill dated October 4, the Digital Token Transparency Act 2021, calls for the SEC to act as a safe haven for certain token projects. The bill proposed by MP Patrick McHenry is to amend the Securities Act of 1933, which allows projects to offer cryptocurrency tokens without registering with the authorities for up to three years.