On October 8, 2021, reports have emerged that the White House is now considering a wide-ranging control of the crypto space. The move is inspired by efforts to combat the growing threat of ransomware and other cybercrime activities. The White House National Security Council spokeswoman said:
“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals.”
This new oversight might feature an executive order, as highlighted by Bloomberg News on Thursday. The spokeswoman declined to comment on whether an executive order will feature as part of such an oversight.
Ransom software operates by encrypting victims’ data. Normally, the hackers offer their victims a key in return for crypto payments that may run into hundreds of thousands and in some cases millions of dollars.
Earlier in October, President Joe Biden stated that top United States national security advisers will convene officials from 30 nations. The officials will meet later this month with plans to come up with viable ways of fighting the growing threat of ransomware and many other types of cybercrimes.
An online session will also be hosted by the White House National Security Council. Biden said that the session will also be targeted at “improving law enforcement collaboration” on issues like “the illicit use of cryptocurrency.”
