White House weighs broader oversight of cryptocurrency market

0
14

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

WASHINGTON, Oct 8 (Reuters) – The White House is considering a wide ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cyber crime, a spokeswoman said on Friday.

“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman said.

The oversight could include an executive order, Bloomberg News reported on Thursday. The spokeswoman did not comment on whether an executive order will be part of such oversight.

Ransom software works by encrypting victims’ data. Typically hackers will offer the victim a key in return for cryptocurrency…

Read more…