The current President of the United States, Joe Biden, has remained quiet about Bitcoin and other cryptocurrency assets for the last few months. But the latest statement from Biden’s national security adviser, Jake Sullivan, indicates that the US President is planning to raise the issues related to the role of cryptocurrencies in ransomware at G-7. Cryptocurrency regulations have been a concern of financial regulations across countries.
US officials are planning to discuss cryptocurrencies during Biden’s G-7 visit.
During the recent press briefing at the White House, Sullivan said that it is important to deal with the cryptocurrency challenge, which lies at the core of how these ransomware attacks are carried out. “Ransomware is a national security priority,” he noted. Sullivan added that the US officials are planning to discuss problems related to cryptocurrencies during Biden’s G-7 visit. The national security adviser mentioned that a plan is required to share information with other democracies in order to overcome the cryptocurrency challenges. Earlier, Biden halted all Federal regulatory processes, including the controversial cryptocurrency KYC regulations proposed by the former Treasury Secretary, Steve Mnuchin.
Regulators express concern over ransomware attacks.
The latest comments from Sullivan came after the US Department of Justice (DOJ) seized nearly 63.7 Bitcoin worth more than $2.3 million. The Colonial Pipeline paid the massive cryptocurrency ransom to a group known as DarkSide. Earlier this year, hackers targeted the infrastructure and operations of the Colonial Pipeline. Regulators across countries are actively working on cryptocurrency regulations. Crypto ransomware attacks have increased in the US as regulators work on strengthening crypto regulations. Earlier, US SEC chief Gary Gensler had said that more regulations are needed to protect investors’ interests in the crypto market.