Monday, June 14

US Senator Says The Discussion About Cryptocurrency And Ransomware Has Just Begun

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US senators want to strengthen cryptocurrency regulations.

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Two U.S. Senators, Roy Blunt and Mark Warner, discussed cryptocurrency’s role in ransomware in the latest episode of “Meet the Press,” which calls for stronger regulation. Warner said the discussion about cryptocurrencies and ransomware “has only just begun”:

“Last year the two parties agreed better on legislation, but this discussion about cryptocurrency and ransomware is just getting started.”

While Warner acknowledged “some good things” coming out of cryptocurrencies, he also noted that ransomware is a “dark spot”:

“The truth is, there are ways to circumvent some of these systems, but if a company is paying the ransom, if there isn’t some transparency in that payment, the bad guys will simply find another way.”

Earlier this week, JBS, the world’s largest meat supplier, suffered a major ransomware attack. The company had to pay a $5 million ransom in cryptocurrency. The Biden administration is currently focused on investigating the role of crypto in recent ransomware attacks.

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