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Senator Elizabeth Warren of Massachusetts has introduced a bill to investigate the role of crypto in ransomware

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The Ransom Disclosure Act aims to assist the Defense Department in gathering essential information on cryptocurrency and fiat ransom payments.
The usage of cryptocurrencies grows in the United States. Hence, politicians want to know more about how it can be usable, both legally and illegally.

Senator Elizabeth Warren and Congresswoman Deborah Ross sponsored the Ransom Disclosure Act. Which would force victims of ransomware attacks to submit reports about payments to the Department of Homeland Security (DHS).

The new bill purpose

The bill, which introduced on October 5, intends to collect essential data on fiat and cryptocurrency payments. While also protecting investors from criminality.

Sen. Warren’s bill intends to establish “a broader picture” of ransomware assaults in a continuing attempt to combat illicit financial activities in the United States:

“My bill, co-sponsored by Congresswoman Ross, would demand notification when ransoms are paid. Allowing us to determine how much money hackers are syphoning from American entities to fund criminal organisations. As well as assisting us in pursuing them.”
The law also calls for a study led by the Secretary of Homeland Security to look into the ties between cryptocurrencies and their participation in ransomware attacks. The data acquired will be usable to provide recommendations for how to improve the country’s cybersecurity.

As Congresswoman Ross noted, investors in the US are not yet compelled to record ransomware payments. Which she believes is critical to preventing ransomware assaults. “Important disclosure rules, including the amount of ransom sought and paid, as well as the sort of currency used,” she stated, referring to the new regulations.

The law would force ransomware victims in the United States to report ransoms within 48 hours of payment via a website established up by the Department of Homeland Security.

The Clarity for Digital Tokens Act of 2021 requests a safe harbour from the SEC for specified token developments

While the US Securities and Exchange Commission (SEC) continues to introduce bills to regulate the crypto market, a study released by the SEC wants Congress to “clarify the status of digital assets to make apparent when it is a security.”

Furthermore, the Clarity for Digital Tokens Act of 2021, introduced on Oct. 4, asks the SEC for a safe harbour for specific token initiatives. The bill, proposed by Representative Patrick McHenry, proposes a modification to the Securities Act of 1933 which would enable companies to offer cryptocurrency tokens for up to three years without registering with regulators.

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