U.S. Senator Gary Peters (D-MI), who serves as the chairman of the Senate Homeland Security and Governmental Affairs Committee, announced Tuesday that he is launching an investigation into the role of cryptocurrencies in recent ransomware attacks.
Since hackers demand ransomware payments in cryptocurrencies, Peters says that the new asset class emboldens them and instills the idea that they will not be held responsible.
The investigation will focus on cryptocurrency regulations that will make sure that Americans can benefit from the new asset class without being exposed to ransomware risks.
Peters claims that lawmakers have to do everything in their power in order to deter such "devastating" attacks:
These attacks can have a devastating effect on Americans' lives and livelihoods, and we must do everything we can do to deter them—including understanding what additional regulations, actions and reforms are needed to adequately tackle complicated cybersecurity threats.
U.Today Crypto Digest: XRP Millionaires Awaken, Shiba Inu Buyers Step In, Dogecoin Sees 10,782% Rise in Futures VolumeScaramucci: ‘Get Ready’ as Bitcoin Firms Against Falling GoldXRP Faces Brutal 11,348% Liquidation Imbalance: What Just Happened?Morning Crypto Report: XRP to $126? Abnormal TV Glitch Reveals Ultimate XRP Price Target, Bitcoin to $25,000: Legendary Trader Brandt Reveals Brutal Timeline, Shiba Inu Unlock Hits 41,128,246,331 SHIB on Major Exchange
The Kaseya incident reignited the conversation about the role of cryptocurrencies in ransomware attacks following the Colonial Pipeline hack in May.
Dan Burgin
Alex Dovbnya
Denys Serhiichuk
Caroline Amosun