White House weighs broader oversight of cryptocurrency market


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Spokesperson says the measures will counter the growing threat of ransomware and other cybercrime

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WASHINGTON – The White House is considering broader surveillance of the cryptocurrency market to combat the growing threat of ransomware and other cybercrime, a spokesman said Friday.

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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Bloomberg 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.

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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.

Earlier this month, President Joe Biden said America’s top national security adviser would gather officials from 30 countries this month to come up with a plan to tackle the growing threat of ransomware and other cybercrime.

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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.

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