BITMD
BITMD
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
  • Cryptocurrency

Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation

  • May 1, 2021
  • Gordon James
Total
0
Shares
0
0
0

Hey there! Before reading the article which is about Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation, you should read about crypto regulations 2020. It shares basic information about this article and also adds more value to it. Do let us know how you feel about it in the comment section below. Happy Reading! Really glad that you are here.

A new task force report released this morning by the Biden administration reveals that cryptocurrency regulation is at a crossroads. While some members of the task force argue the time has come for the U.S. government to embrace the new technology, others say it is necessary to slow down the current regulatory environment. The report recommends a new regulatory framework that will support the cryptocurrency industry in the short term while laying the foundations for a more comprehensive regulatory structure in the long term.

A task force called the Secure and Fair Enforcement of Cryptocurrency Regulations (or SAFENet for short) has just released a scathing report on the corruption and exploitation that is occurring in the cryptocurrency industry. Based out of Delaware, the SAFENet is a self-governing body that regulates all aspects of the cryptocurrency industry. They have already been tracking illegal activities in the industry for years now, but it’s only recently that they have been able to collect enough evidence on certain players in the industry to make a case for tighter regulations.

A public-private working group has submitted a report to the Biden administration with recommendations for tighter regulation of cryptocurrencies, including bitcoin, to combat ransomware. The cryptocurrency industry, which enables ransomware crimes, needs to be more heavily regulated, the task force writes.

White House calls for tighter regulation of cryptocurrencies

On Thursday, a task force of the Biden administration, organized by the Institute for Security and Technology, presented a report titled Fighting Ransomware, which contains 48 recommendations, some of which are aimed at strengthening the regulation of cryptocurrencies.

The recommendations were developed by the Ransomware Task Force (RTF), which the report describes as a broad coalition of volunteer experts from industry, government, law enforcement, civil society, cybersecurity insurers and international organizations. It aims to provide a strategic framework for a systematic and comprehensive approach to combating ransomware.

According to the report, payments for ransomware are usually made in cryptocurrency, which is difficult to track. One of the priority recommendations of the report is the following.

The cryptocurrency industry, which enables ransomware crimes, must be more strictly regulated. Governments should require cryptocurrency exchanges, crypto banks and OTC trading desks to comply with existing laws, including know-your-customer (KYC), anti-money laundering (AML) and counter-terrorism financing (CFT) laws.

The report makes some recommendations regarding cryptocurrencies, including. B. develop new levers for voluntary sharing of cryptocurrency payment metrics, encourage voluntary information sharing between cryptocurrency organizations and law enforcement agencies, and centralize cryptocurrency seizure expertise and scale up cryptocurrency seizure processes.

The use of crypto-currencies exacerbates the problem of identifying the criminals involved in sending ransomware, as payments in these currencies are difficult to attribute to an individual, the report said. Ransomware criminals can also disguise their transactions through crypto-currency blending services. The article also notes that some groups will also demand payment in private currency, such as Monero. However, the working group noted that these coins are currently not as liquid as bitcoin and other cryptocurrencies.

The RTF consists of representatives from the US Federal Bureau of Investigation (FBI), the UK National Crime Agency (NCA), as well as representatives from the US Secret Service (USSS), the UK National Cyber Security Centre (NCSC) and the National Cybercrime Coordination Unit of the Royal Canadian Mounted Police.

Ransomware payments from private companies pump millions of dollars into the criminal business each year, according to the report, which found that the total amount paid by ransomware victims increased 311% to nearly $350 million in cryptocurrency by 2020.

What do you think of this task force calling on the government to tighten regulation of cryptocurrencies? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

This source has been very much helpful in doing our research. Read more about crypto regulation (uk) and let us know what you think.

Related Tags:

crypto regulations 2020crypto regulation 2021crypto regulation (uk)can bitcoin be regulatedwhen will crypto be regulatedcrypto regulation news,People also search for,Privacy settings,How Search works,Bitcoin,Dogecoin,Litecoin,Bitcoin Cash,Monero,Dash,See more,Ethereum,Coinbase,Binance,Robinhood,Gemini,Circle,ConsenSys,Bitfinex,NewsBTC,CoinMark… OpCo, LLC,CoinDesk,Cointelegr…,crypto regulations 2020,crypto regulation 2021,blockchain & cryptocurrency regulation 2020,crypto regulation (uk),can bitcoin be regulated,when will crypto be regulated,crypto regulation news,biden crypto tax

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Gordon James

Previous Article
  • Cryptocurrency

Binance may be fined in Germany for its stock tokens

  • May 1, 2021
  • Gordon James
Read More
Next Article
  • Cryptocurrency

Europe awaits implementation of regulatory framework for crypto assets

  • May 1, 2021
  • Gordon James
Read More
You May Also Like
Read More
  • Cryptocurrency

A year of mass adoption for cryptocurrencies in Brazil

  • Gordon James
  • June 30, 2022
Read More
  • Cryptocurrency

5 Best Crypto Games to Watch in January 2022

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Indian INX exchange reportedly plans to list Bitcoin futures ETF

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

What to expect from the blockchain world in 2022? | Footprint Analytics Annual Report 2021

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Footprint Analytics: Will 2022 See the Emergence of GameFi 2.0? | Annual Report 2021

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

DEESSE Token Sale is Launching on KuCoin

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Bitcoin shoots to $44,000 as US inflation hits 7% in December

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Arkania Protocol Launch Multi-Chain Launchpad Making IDOs Accessible to All

  • Gordon James
  • June 14, 2022
Do Read
  • 1
    Kenyan Fintech Startup to Use Stablecoins to Transfer Universal Basic Income Payments to African Refugees
  • 2
    How to buy Bitcoin in New Zealand (2021) – Know Your Ways
  • 3
    CME Group introduces micro Bitcoin futures
  • 4
    Bitcoin Corporate & Institutional Adoption: 34 publicly listed companies collectively own 186,421 Bitcoins worth $7 Billion
Read More
  • Euler.Tools, a Unique Platform to Explore and Discover Blockchain Tools – Press release Bitcoin News
    • April 13, 2021
  • Tesla sold part of its Bitcoins in the first quarter of this year
    • April 28, 2021
  • How To Buy Cindicator (CND) Coin 2018: With Coinbase & Binance
    • September 14, 2021
  • Interlay Raises $6.5M Towards Tokenized Bitcoin on Polkadot
    • December 23, 2021
  • 3 reasons why Bitcoin is regaining its crypto market dominance
    • May 28, 2022
Recent Posts
  • A year of mass adoption for cryptocurrencies in Brazil
    • June 30, 2022
  • 5 Best Crypto Games to Watch in January 2022
    • June 29, 2022
  • Indian INX exchange reportedly plans to list Bitcoin futures ETF
    • June 29, 2022
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
The Crypto Doctor

Input your search keywords and press Enter.