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US senators aim to amend cybersecurity bill to include crypto • TechCrunch


As regulators around the world attempt to provide frameworks for the digital asset industry, two US senators have introduced a bill to help crypto companies report cybersecurity threats.

U.S. Senators Marsha Blackburn, Republican of Tennessee, and Cynthia Lummis, Republican of Wyoming, exclusively shared with TechCrunch the reformed legislation, the Cryptocurrency Cybersecurity Information Sharing Act, which would amend the Cybersecurity Information Sharing Act of 2015 to include crypto businesses -change. The bill is endorsed by the Electronic Transactions Association.

“Some bad actors have used cryptocurrency as a way to hide their illegal practices and avoid liability,” Blackburn said in a statement to TechCrunch. “The Cryptocurrency Cybersecurity Information Sharing Act will update existing regulations to directly address this misuse. It will provide a voluntary mechanism for crypto companies to flag bad actors and protect cryptocurrency from unsafe practices.

The bill aims to mitigate losses resulting from a number of cybersecurity incidents, including data breaches, ransomware attacks, business interruptions and network damage, he said. declared.

During the second quarter of this year, there was a significant increase in crypto-focused phishing attacks, according to a report by CertiK. In the first half of this year, more than $2 billion was lost to hacks and exploits — racking up more than 2021’s entire amount in half the time, according to the report.

In general, Lummis has been a strong supporter of the crypto industry and has sponsored and proposed new crypto industry-focused bills in recent months.

In June, Lummis proposed a bipartisan crypto bill alongside Senator Kirsten Gillibrand, Democrat of New York, in an effort to install guide rails around the digital asset industry. The 69-page bill covered a wide range of crypto market subsectors, from how to tax crypto transactions to guidelines for supporting the stablecoin.

While some find regulation bad for innovation and the decentralized nature of crypto, others disagree. As the crypto industry continues to grow in the open, many market participants and regulators say there is a need for greater transparency and frameworks on how digital assets could be monitored.

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