Senator Elizabeth Warren proposes studying the role of cryptocurrency in ransomware payments

Ransomware victims will be required to report to the DHS information about payments to criminals. Such a proposal is contained in a законопроекте о раскрытии информации в выкупах from Senator Elizabeth Warren and Representative Deborah Ross.

The initiative is aimed at creating a “more complete picture” of ransomware attacks.

“The bill will reveal how much money cybercriminals drain from American organizations. This will form the basis for pursuing them,” the accompanying commentary says.

The document also provides for support for the Department of Homeland Security’s team to study the role of cryptocurrencies in such crimes.

The collected information will be used to develop recommendations to improve the country’s cybersecurity.

According to Ross, American investors do not have a legal obligation to disclose information about payments to ransomware attackers, which could be key to countering their attacks.

If the bill is enacted, victims would be required within 48 hours to disclose the amounts and the digital currencies involved in the payments, as well as any information about the criminals on a DHS site specifically created for that purpose.

The accompanying commentary cites 2020 statistics showing ransomware attacks rising 62% globally and 158% in North America. The total payouts to criminals quadrupled to $350 million, with the average payout up 170% to $312,000.

Back in June, Rep. Bill Foster said that are capable of burying Bitcoin’s reputation as Congress weighs its status.

Earlier, President Joe Biden directed the study of tracking cryptocurrency transactions as one option to combat ransomware.

Later, Warren stated that digital assets have made committing crimes easier. As examples, she cited ransomware attacks on Colonial Pipeline and JBS.

Subsequently, the media reported that investigations of such incidents in the United States have received the same level of priority as terrorism cases.

In September, Senator Maggie Hassan sent letters to several institutions, expressing concern about the use of cryptocurrency as ransom payments to ransomware operators.

In the same month, the media reported that the Biden administration is preparing a series of measures aimed at cracking down on cryptocurrency payments to hackers behind such infections.

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