The US senators revised the cybersecurity law to include crypto
Two US senators passed a new bill amending the Cybersecurity Information Sharing Act of 2015 to include crypto firms to report cyber threats they face. The US lawmakers, Cynthia Lummis of Wyoming and Tennessee’s Marsha Blackburn, revised the Cybersecurity Information Sharing Act with the aim of reducing criminal activities in the crypto space.
Cryptocurrency’s increasing problems such as cyber-attacks, high volatility and inflation apparently pushed global lawmakers to cover crypto in proper legislation to protect investors from harmful events in the industry. As a result, nearly all jurisdictions have designed and implemented a new digital asset regulatory framework during that time.
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Revised bill seeks to connect crypto companies with government agencies
If passed, the proposed bill would open a way for crypto-oriented companies to report cyber threats directly to government agencies. As a result, crypto companies will receive assistance from the government in the event of a data breach, exploit or ransomware attack. Flagging suspicious devices to law enforcement will also reduce risk.
Blackburn said in a statement;
Some bad actors have used cryptocurrency as a way to hide their illegal practices and avoid accountability. The Cryptocurrency Cybersecurity Information Sharing Act will update existing regulations to directly address this abuse. It will provide a voluntary mechanism for crypto companies to report bad actors and protect cryptocurrency from dangerous practices.
Cryptophishing attacks increased rapidly
Cryptocurrency crimes have seen a huge increase in recent months. According to the report of a blockchain security and research firm, Certik, over 2 billion has been wiped out in the second quarter of 2022 in crypto-related phishing attacks. There was a 170% increase with 206 cases from the first quarter’s 106 cases.
According to a recent study conducted by cybersecurity experts from PrivacySavvy.com, despite being an ancient tactic, phishing remains one of the most effective and widely used cyberattacks, with phishing emails taking the top spot. According to the experts, the majority of internet users have been phished at least once. So if you’ve ever been phished online, you’re not alone.
Nevertheless, it seems that the authorities are moving in.
Unlike other lawmakers intent on getting rid of cryptocurrency, Lammus has believed in crypto-asset legislation and focused on the industry for the past year. In June he did too published a bipartisan bill along with the collaboration of New York Democrat Kristen Gillibrand. The 61-page bill covered guidelines for the possible spectrum of crypto and its sub-sectors, including guidelines for stablecoins to support the tax obligations on crypto transactions.
US senators’ attitude towards crypto
Considering cryptocurrency’s tremendous growth and its use as a valuable economic tool, most US regulators have now changed their minds in favor of a cryptocurrency regulatory framework.
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Similarly, state lawmakers have drafted new rules in an effort to adopt a comprehensive approach to bring transparency and prevent illegal crypto operations. It has called crypto exchanges in the US under The Bank Secrecy Act (BSA) scope, and platforms can be registered with the Financial Crime Enforcement Network (FinCEN).
In addition, the exchanges will comply with anti-money laundering (AML) and follow the commitments on combating the financing of terrorism (CFT) that came as part of Biden’s executive order to build comprehensive guidelines for the digital assets sector.
Featured image from Pixabay and chart from TradingView.com
