With crypto adoption keeps on rising throughout the US, regulators are reportedly trying to grasp a more thorough understanding of the way it is utilized – for both legal and illegal purposes.

Specifically, The Ransom Disclosure Act – a proposal from Senator Elizabeth Warren and Representative Deborah Ross – would reportedly make it mandatory for people victimized by ransomware attacks to provide details, regarding ransom payments to the Department of Homeland Security (DHS).

The bill – proposed on October 6th – reportedly has a primary goal of collecting critical data associated with fiat and cryptocurrency payments, and offer protection against cybercrimes for investors. 

Warren’s legislation – amid an existing attempt to keep US-based illicit financial activities in check – reportedly has a primary goal of coming up with “a fuller picture” of ransomware attacks. 

“My bill with Congresswoman Ross would set disclosure requirements when ransoms are paid and allow us to learn how much money cybercriminals are siphoning from American entities to finance criminal enterprises — and help us go after them.”

The bill will further back research to discover links between cryptocurrencies and how they are involved in ransomware attacks, led by the Secretary of Homeland Security. The collected data will be studied to generate suggestions for enhancing the country’s cybersecurity. 

As Ross mentioned, it is still not mandatory for U.S. investors to report ransomware payments, which, from her perspective, is a crucial factor in fighting against ransomware attacks.