The US authorities are reportedly having plans down the pipeline to come up with guidance and granting sanctions to the crypto sphere, in its attempts to fight against ransomware attacks. 

Specifically, the Joe Biden administration is reportedly having an intention of rolling out a wide range of initiatives, concentrating on payments, aimed at reducing ransomware attacks. 

Specific details of the way said sanctions will be utilized for carrying out preemptive efforts to combat future ransomware attacks. 

Nonetheless, the report issued by the Wall Street Journal further revealed that said sanctions will help “single out specific targets”, instead of running through the entirety of the crypto sector.

Moreover, extraThe US authorities are reportedly having plans down the pipeline to come up with guidance and granting sanctions to the crypto sphere, in its attempts to fight against ransomware attacks.  anti-money laundering legislations will reportedly be enacted, which will help prevent crypto payments taken advantage of for illicit activities, nominally paying ransoms.

These initiatives will reportedly be in line with suggestions from professionals across the industry. Michael Daniel, the president and current Head of the Cyber Threat Alliance – a team of cybersecurity veterans – shared in June that an overall prohibition on cryptocurrencies will not pan out. 

“What seems to me is we have to find the right balance, policy balance between allowing the innovation that cryptocurrencies bring, the benefits they can provide and [bring] the protections we’ve built into the financial system to deal with criminal activity, to deal with money laundering”. 

The Cyber Threat Alliance was reportedly among the first entities that established a Ransomware Task Force and published a report in the first months of 2021, claiming that reinforced know-your-customer and anti-money laundering laws would have more effects compared to a complete ban on crypto.