White House weighs broader oversight of cryptocurrency market

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WASHINGTON, Oct 8 (Businesshala) – The White House is considering broader surveillance of the cryptocurrency market to tackle the growing threat of ransomware and other cybercrime, a spokesman said on Friday.

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A White House National Security Council spokeswoman said, “NSC and NEC are coordinating interagency to ensure that cryptocurrencies and other digital assets are not used to promote bad actors, including ransomware criminals. “

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Businesshala News reported Thursday that the oversight could include an executive order. The spokesperson did not comment on whether an executive order would be part of such monitoring.

Ransom software works by encrypting the data of the victims. Typically hackers will provide the victim with a key in exchange for a cryptocurrency payment that can run into the hundreds of thousands or even millions of dollars.

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Earlier this month, President Joe Biden said the top US national security adviser would gather officials from 30 countries this month With a plan to tackle the growing threat of ransomware and other cybercrime.

An online session organized by the White House National Security Council will aim to “improve law enforcement cooperation” on issues such as “illicit use of cryptocurrency”, Biden had said.

Reporting by Nandita Bose; Editing by Sandra Maler

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