President Biden to confront cryptocurrency ransomware head-on

President Joe Biden will talk about the role cryptocurrencies have played in the Colonial Pipeline cyberattack and other ransom attacks, National Security Advisor Jake Sullivan told White House News.

President Biden to confront cryptocurrency ransomware head-on

U.S. presidents rarely make public statements about cryptocurrencies and blockchain, but administration officials are reviewing current regulations.

National Security Advisor Jake Sullivan told White House News that President Joe Biden will talk about the role cryptocurrencies played in the Colonial Pipeline cyberattack and other ransom attacks.

Sullivan said on Monday’s White House News that U.S. officials, including President Biden, hope to see a proposed action plan on ransomware during the upcoming presidential visit to the G7 summit this weekend. The national security adviser said the plan aims to address issues such as resilience in the face of such attacks, how to share information with other democracies, and how to address cryptocurrency challenges.

Sullivan added, “Encryption is at the heart of the ransom deal. Cyber attacks are a national security priority for the U.S. government, especially attacks on core infrastructure.” Hackers had cyber-attacked the largest fuel pipeline in the U.S., the Colonial Pipeline, in May, and the company paid a ransom of $4.4 million. sullivan also stressed, referring to the G7 summit, that “this is an issue that must be addressed as a priority.” He described the issue as a security threat of a different magnitude than usual and that allied nations must focus on it in an unprecedented way.

President Biden has been largely silent on cryptocurrencies and blockchain during the Obama administration and campaign. Last July, there was a massive hack of what was then presidential candidate Joe Biden’s account, and Biden’s supporters were asked to wire cryptocurrency, but Biden later responded that he did not hold bitcoin.

The Biden administration is reviewing existing regulations regarding cryptocurrencies and discussing whether new rules are needed to protect investors new to the market in the wake of market volatility. Bitcoin had reached an all-time high of $65,000 in April, but has now fallen more than 44 percent to $34,192.98, according to data from the Beyoncé Data Terminal.

The G7 summit is scheduled for June 11-13 in the U.K. It will also be Biden’s first trip as president since taking office in January of this year.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/president-biden-to-confront-cryptocurrency-ransomware-head-on/
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