US Senator Warren has introduced a bill that will examine the role of crypto in ransomware.
The Ransom Disclosure Act bill, looks to help the Department of Homeland Security gather important data on ransom payments in cryptocurrency and fiat. Seeing as the adoption of cryptocurrency continues to gain momentum in the United States, lawmakers want to have a better understanding of how it works — both legally and illegally.
Meanwhile, with this Ransom Disclosure Act— introduced by Senator Elizabeth Warren and Congresswoman Deborah Ross, victims of ransomware attacks would be required to disclose all necessary information about payment of ransom, to the Department of Homeland Security (DHS)
Introduced on October 5, the bill will help to protect investors from cyber-attacks by gathering critical data on fiat and cryptocurrency payments. This legislation by US Senator Warren, follows after the increasing rate of illegal financial activities being carried out in the U.S., and the good senator is hoping to discover “a fuller picture” of ransomware attacks.
Congresswoman Ross has always been vocal about her stance on ransomware attacks. She believes that U.S investors not being required by law to report ransomware payments, is largely responsible for the persistence of such attacks. According to her, she believes the new legislation will ensure that all critical information regarding a ransom demanded is noted. This will include informations about the amount paid and the type of currency used.
Ransomware victims in the U.S. would be bound by this bill to disclose ransoms within 48 hours of payment through a website that the DHS will set up soon enough.
The bill will also be supporting a study to find links between cryptocurrencies and their role in ransomware attacks. Leading this study however, the Secretary of Homeland Security will gather information which will be used to provide recommendations that’ll ultimately strengthen the nation’s cybersecurity.