Biden Administration pressured by Task Force to tighten crypto regulation

Category: Americas Crypto Europe

The task force includes the FBI and NCA, together with other significant representatives, that are pushing for crypto regulation

The Institute for Security and Technology has organised a task force to push regulation on crypto in the US. The task force created and submitted a report called “Combating Ransomware” to the Biden administration which included 48 recommendations. Many of these recommendations aim to tighten crypto regulation.

The task force, called Ransomware Task Force (RTF), developed these recommendations and described the release as:

ransomware-taskforce-AIBC News

“a broad coalition of volunteer experts from industry, government, law enforcement, civil society, cybersecurity insurers, and international organizations.” With the main goal of the task force and these recommendations to “provide a strategic framework for a systemic, global approach to mitigating the ransomware problem.”

One of the main reasons that the task force is pressuring Biden’s administration to up their regulations on crypto is due to ransomware payments being made through cryptocurrency which make them extremely difficult to trace. The main recommendation presented by the task force is:

“The cryptocurrency sector that enables ransomware crime should be more closely regulated. Governments should require cryptocurrency exchanges, crypto kiosks, and over-the-counter (OTC) trading ‘desks’ to comply with existing laws, including Know Your Customer (KYC), Anti-Money Laundering (AML), and Combatting Financing of Terrorism (CFT) laws.”

Other outlined recommendations presented by the task force are:

1. Develop new levers for voluntary sharing of cryptocurrency payment indicators

2. Incentivise voluntary information sharing between crypto entities and law enforcement

3. Centralise expertise in cryptocurrency seizure, and scale criminal seizure processes

The report also adds that:

“The use of cryptocurrency adds to the challenge of identifying ransomware criminals, as payments with these currencies are difficult to attribute to any individual. Ransomware criminals can also obscure their transactions through cryptocurrency ‘mixing services.’ “

The Royal Task Force includes:

  • US Federal Bureau of Investigation (FBI)
  • U.K National Crime Agency (NCA)

Together with representatives from:

  • The US Secret Service (USSS)
  • UK National Cyber Security Centre (NCSC)
  • Royal Canadian Mounted Police’s National Cybercrime Co-ordination Unit

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