London Daily

Focus on the big picture.
Saturday, Jul 19, 2025

White House Pushed to Tighten Crypto Regulation

White House Pushed to Tighten Crypto Regulation

A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote.

A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim at tightening crypto regulation.

The recommendations were developed by the Ransomware Task Force (RTF), which the report describes as “a broad coalition of volunteer experts from industry, government, law enforcement, civil society, cybersecurity insurers, and international organizations.” Its goal is to “provide a strategic framework for a systemic, global approach to mitigating the ransomware problem.”

The report claims that “Ransomware payments are typically made in cryptocurrency,” which “are difficult to trace.” One of the “Priority recommendations” outlined in the report reads:

“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.”

The report elaborates on some crypto-related recommendations, such as to “Develop new levers for voluntary sharing of cryptocurrency payment indicators,” “Incentivize voluntary information sharing between cryptocurrency entities and law enforcement,” and “Centralize expertise in cryptocurrency seizure, and scale criminal seizure processes.”

“The use of cryptocurrency adds to the challenge of identifying ransomware criminals, as payments with these currencies are difficult to attribute to any individual,” the report details. “Ransomware criminals can also obscure their transactions through cryptocurrency ‘mixing services.’” It also notes that some groups will also demand payment in privacy coins, such as Monero. However, the task force pointed out that currently, these coins “are not as liquid as Bitcoin and other cryptocurrencies.”

Members of the RTF include the U.S. Federal Bureau of Investigation (FBI), U.K. National Crime Agency (NCA), and representatives from the U.S. Secret Service (USSS), U.K. National Cyber Security Centre (NCSC), and the Royal Canadian Mounted Police’s National Cybercrime Coordination Unit.

“Ransoms paid by private firms siphon millions of dollars toward criminal enterprise every year,” the report adds, noting that “The total amount paid by ransomware victims increased by 311% in 2020, reaching nearly $350 million worth of cryptocurrency.”

Source: Fintechs.fi – Fintech News

Newsletter

Related Articles

0:00
0:00
Close
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
×