The Ransom Disclosure Act intends to assist the Department of Homeland Security in gathering crucial information on cryptocurrency and fiat ransom payments.
As bitcoin popularity grows in the United States, politicians want to learn more about how it’s used, both legally and illegally.
Warren’s proposal intends to build “a better picture” of ransomware assaults in a continuing attempt to restrict illegal financial activity in the United States: “My bill, co-sponsored by Congresswoman Ross, would mandate notification when ransoms are paid, allowing us to discover how much money hackers are siphoning from American corporations to fund criminal organizations – and assisting us in pursuing them.”
Senator Elizabeth Warren and Representative Deborah Ross presented the Ransom Disclosure Act, which would force victims of ransomware attacks to report information regarding ransom payments to the Department of Homeland Security (DHS).
The law, which was introduced on Tuesday, intends to collect important data on fiat and cryptocurrency transfers as well as safeguard investors from cybercrime.
The law also calls for a study headed by the Secretary of Homeland Security to look into the linkages between cryptocurrencies and their participation in ransomware attacks. The information gathered will be used to make recommendations for improving the country’s cybersecurity.
As Ross pointed out, investors in the United States are not yet compelled to record ransomware payments, which she believes is critical to preventing ransomware assaults.
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.
“Important reporting requirements, including the amount of ransom, requested and paid, as well as the sort of money used,” she added, referring to the new legislation.
Furthermore, the Clarity for Digital Tokens Act of 2021, which was introduced on Monday, asks the SEC for a safe harbor for specific token initiatives. The bill, proposed by Representative Patrick McHenry, proposes a modification to the Securities Act of 1933 that would allow projects to issue cryptocurrency tokens for up to three years without registering with regulators.