Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation

Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation

A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote.

White House Urged to Tighten Crypto Regulation

A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim at tightening crypto regulation.

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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.” Its goal is to “provide a strategic framework for a systemic, global approach to mitigating the ransomware problem.”

The report claims that “Ransomware payments are typically made in cryptocurrency,” which “are difficult to trace.” One of the “Priority recommendations” outlined in

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