Senator Elizabeth Warren and Representative Deborah Ross introduced the Ransom Disclosure Act that would require victims of ransomware attacks to disclose information about ransom payments to the Department of Homeland Security (DHS). The bill, introduced on Tuesday, aims to gather critical data on fiat and cryptocurrency payments and protect investors from cybercrimes. The bill aims to gather critical data on fiat and cryptocurrency payments and protect investors from cybercrimes.
The legislation aims to develop “a fuller picture” of ransomware attacks.
In an ongoing effort to curb illicit financial activities in the U.S., Warren’s legislation aims to develop “a fuller picture” of ransomware attacks. “My bill with Congresswoman Ross would set disclosure requirements when ransoms are paid and allow us to learn how much money cybercriminals are siphoning from American entities to finance criminal enterprises — and help us go after them.” The ransomware bill will also support a study to find links between cryptocurrencies and their role in ransomware attacks, led by the Secretary of Homeland Security.
U.S. investors are not yet required to report ransomware payments.
As the senator noted, U.S. investors are not yet required to report ransomware payments, which, according to her, is key to countering ransomware attacks. The new legislation “will implement important reporting requirements, including the amount of ransom demanded and paid, and the type of currency used,” she said. The bill would require ransomware victims in the U.S. to disclose ransoms within 48 hours of payment through a website to be set up by the DHS. While federal authorities continue to introduce bills to regulate the crypto market, a report shared by the SEC urges Congress to “clarify the status of digital assets to make clear when it is a security.”