A group of US legislators on Friday sent a letter to several top Biden administration officials urging them to strengthen coordination on the issue of cryptocurrency facilitating ransomware cyberattacks
WASHINGTON (Pakistan Point News / Sputnik - 08th October, 2021) A group of US legislators on Friday sent a letter to several top Biden administration officials urging them to strengthen coordination on the issue of cryptocurrency facilitating ransomware cyberattacks.
"We write to urge the Department of Justice (DOJ), the Department of the Treasury, the Department of State, and the Department of Homeland Security (DHS) to pursue all options available to protect American communities and infrastructure from the growing threat of ransomware," the letter said. "In particular, we believe that stronger coordination between your departments is necessary, especially to address the role of cryptocurrency in facilitating ransomware attacks."
US Senators Edward Markey and Sheldon Whitehouse as well as Congressmen Ted Lieu and James Langevin co-signed the letter addressed to the four heads of the aforementioned departments.
The lawmakers said the proliferation of cryptocurrency has caused a significant rise in ransomware attacks by offering an easy, fast way to launder stolen money and argued for increasing enforcement of existing money laundering and financial crimes statutes to deter more attacks and recover payments.
The lawmakers noted the difficulties law enforcement encounters in trying to recover money obtained through foreign ransomware attacks, saying the attackers frequently reside in countries that have actively or tacitly supported ransomware attacks such as Russia, China and North Korea.
The letter lists eight questions to which the congressmen requested answers by October 29, including how does the Biden administration work with allies to develop norms and best practices to enforce laws related to illicit financial transactions involving cryptocurrency and what resources are needed from Congress to better coordinate cooperation.
