As per The Wall Street Journal, the Biden administration is planning to implement some new measures to make things more difficult for hackers. There surfing hackers are earning profits from ransomware attacks with cryptocurrencies. The Treasury Department reportedly imposed some of the crypto sanctions and guidelines to discourage organizations from using digital currencies.
The agency is considering some fines and penalties regarding the crypto sanctions aiming to target the businesses cooperating with hackers. The Treasury Department, later this year, will also implement new anti-money laundering and regulations related to terror financing. It will work to limit further use of cryptos as the payment method for illegal activities and Ransomes.
The upcoming crypto sanctions will spot out specific exchanges instead of casting for a wide net through disturbing the entire crypto ecosystem.
The sanction is also hoping to scare most crypto platforms from processing such types of crypto transactions in the future.
“An action of this kind would be an aggressive, proactive approach to going after those who facilitate ransomware payments,”Ari Redbord, a former Treasury Department official
This measure will become the latest attempt of the Biden administration to handle the ransomware issue. The Colonial Pipeline attack has led to fuel shortages in various parts of the US. The President signed an executive order that has called for the improvement of information sharing between the federal agencies.
The Department of Homeland Security came up with monetary rules that have called on the pipeline operators to appoint coordinators for cybersecurity. Also, they have received the order to report incidents to the Cybersecurity and Infrastructure Security Agency.
The US is dealing with a massive drawback in its cyber world. A huge ransomware attack has hampered the balance of all the systems. While the US has accused Russia of such attacks, it is still working on tightening its move against the incident. These crypto sanctions are part of this move to fight against repeated ransomware attacks by a large group of hackers.