Wednesday, October 27, 2021

U.S. officials prepare new sanctions against ransomware attackers.

The Takeaway:

The current U.S. administration is planning for more restrictive sanctions surrounding ransomware payments in a cybersecurity enhancement effort.

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The U.S. Treasury Department prepares new sanctions against hackers and the use of cryptocurrencies for ransomware payments. As soon as next week, the sanctions could be rolled out. In addition, the government plans a new series of guidelines for businesses on the risks of ransomware payments. The administration is also planning for new anti-money laundering and terror finance regulations later this year. Ransomware attacks have been a major concern for regulators recently. 

 

Crypto ransomware regulations have been on the table this entire year.

Crypto ransomware regulations have been on the table this entire year. Back in April, the Department of Justice called the situation a ransomware “epidemic.” During this time, officials already hinted at financial regulations as a means of combating the issue. After the attack on JBS, which prompted initial queries over ransomware attacks, the Colonial Pipeline faced a heist. This incident saw the loss of worth $2.3 million in bitcoin. For the Treasury to successfully combat their cyberspace foes, they would need to focus on crypto wallets that receive ransom transactions. 

 

Officials continue to work on crypto regulations. 

Despite these new regulations imposed under the need for additional cybersecurity, U.S. regulators have the entire cryptoverse in view. As reported earlier in August, the Senate passed a bipartisan tax infrastructure bill with a broad definition of the term “broker.” Thus far, the bill is unchanged despite backlash from the crypto community. Gensler, on the other hand, claims crypto platforms need regulation for survival. He also singled out the DeFi sector and said those within this area are not exempt from federal surveillance. This past week the House Democrats brought new crypto tax regulations to the table. However, these closed the “wash sale” loophole for crypto investors who avoid capital gains tax. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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