Senator Elizabeth Warren introduced the Ransom Disclosure Act which aims to help the Department of Homeland Security gather data on ransomware payments using crypto and fiat and also protect investors from cybercrimes.
Senator Elizabeth Warren and Representative Deborah Ross introduced the Ransom Disclosure Act, which would force victims of ransomware attacks to report information about ransom payments to the Department of Homeland Security (DHS).
The bill, which was introduced on Tuesday, aims to collect important data on fiat and cryptocurrency payments as well as protect investors from cybercrime.
Warren’s legislation intends to establish “a broader picture” of ransomware assaults in a continuing effort to curb illicit financial activity in the United States:
“My bill with Congresswoman Ross would set disclosure requirements when ransoms are paid and allow us to learn how much money cybercriminals are siphoning from American entities to finance criminal enterprises — and help us go after them.”
The law also calls for a study led by the Secretary of Homeland Security to look into the ties between cryptocurrencies and their participation in ransomware attacks. The information acquired will be utilized to make recommendations for enhancing 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.
“Important reporting requirements, including the amount of ransom sought and paid, as well as the sort of currency used,” she stated, referring to the new legislation.
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.
While bills to regulate the crypto market continue to be introduced in Congress, a report released by the US Securities and Exchange Commission urged Congress to “clarify the status of digital assets to make apparent when it is a security.”
Furthermore, the Clarity for Digital Tokens Act of 2021, which was introduced on Monday, asks the SEC for a safe harbour 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 offer cryptocurrency tokens for up to three years without registering with regulators.