Ransomware-encrypting programs could jeopardize the reputation of the leading cryptocurrency as its status is considered by the U.S. Congress. This was stated in an interview with Axios by Democrat and Illinois representative Bill Foster.
The congressman sits on the Cryptography and Blockchain Working Group, and is a member of the Committee on Financial Services.
“There is a view in Congress that if you are a participant in an anonymous crypto transaction, you are de facto a participant in a criminal conspiracy.”, he said.
In an interview Foster hinted that the episode with attack on the Colonial Pipeline demonstrated diminished capabilities to track the activity of ‘bad actors’ on the Bitcoin blockchain.
According to him, there is not yet a consensus among lawmakers about the permissible degree of privacy for blockchain transactions. Especially when it comes to the proposed issuance of a digital dollar, Foster added.
The congressman is concerned about both fully decentralized digital assets and total government surveillance.
“We should strive for a middle ground. The anonymity of a third party, where in 90% of cases the blockchain will determine who pays whom and for what. And in those rare cases when something fraudulent, criminal, or erroneous occurred — we should have the ability to disclose and possibly reverse such transactions,” he summarized.
In June, President Joe Biden ordered a study of tracking cryptocurrency transactions as one of the options in fighting ransomware.
In the same month, Massachusetts Senator Elizabeth Warren stated, that, thanks to digital assets, it has become easier to commit crimes. As examples she cited ransomware attacks on the companies Colonial Pipeline and JBS.
Later, media reported that investigations of such incidents in the U.S. received the same level of priority as terrorism cases.
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