US President Joe Biden has never spoken publicly about cryptocurrencies, but the recent series of attacks on critical US infrastructures has made it necessary to bring cryptocurrency issues to the table.
Biden will discuss the role cryptocurrencies have played in successful attacks by vital organizations in the country recently.
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On Tuesday, meat producer JBS revealed that it received a ransom demand from a group of threats after suffering an attack on its systems. As a result of this fact, as well as the attack on Colonial Pipeline, the country’s largest fuel supplier, the government has decided to take action.
Karine Jean-Pierre, the US government’s undersecretary of press, stated that the White House has resolved to assess the series of attacks and find ways to trace cryptocurrency payments to those responsible.
The White House wants to meet the challenge of cryptocurrencies
Biden’s national security adviser Jake Sullivan stated that the White House wants to talk about crypto assets and resisting attacks on American organizations.
Sullivan also stated that there will be an action plan to figure out how best to “deal with the challenge of cryptocurrencies.”
According to him, cryptocurrency plays an important role in facilitating the successful payment of the ransom to cybercriminals. Sullivan has already labeled cyber attacks a “national security priority” for the US government.
His comments come after the Colonial Pipeline hacking incident, where the company was forced to comply with the hackers’ demands by paying $ 4.4 million as a ransom.
Added restrictions necessary to protect investors
Bitcoin (BTC / USD) has lost 44% since hitting an all-time high of $ 65,000 in April. The cryptocurrency is also facing a host of backlash from various sectors due to its miners’ perceived use of insanity fuel.
While President Biden has been silent on cryptocurrency and blockchain technology, his administration is apparently reviewing some of the rules surrounding cryptocurrencies to offer more protection to investors.
Biden also admitted last year that he did not own Bitcoin after a major hacking incident that took control of high-profile accounts, soliciting cryptocurrencies from his followers. His administration also wants to impose additional restrictions on the market.
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