Two U.S. senators have filed a measure to assist crypto businesses in reporting cybersecurity risks as authorities from across the world attempt to establish guidelines for the digital asset market.
The revised legislation, the Cryptocurrency Cybersecurity Information Sharing Act, which would amend the Cybersecurity Information Sharing Act of 2015 to include cryptocurrency firms, was shared exclusively with TechCrunch by U.S. senators Marsha Blackburn, a Republican from Tennessee, and Cynthia Lummis, a Republican from Wyoming. The Electronic Transactions Association supports the proposed legislation.
Blackburn claimed that “some unscrupulous actors have exploited cryptocurrencies as a tool to disguise their unlawful acts and evade responsibility.” “To specifically address this misuse, the Cryptocurrency Cybersecurity Information Sharing Act will amend current legislation. It will provide bitcoin firms with a voluntary way to report rogue actors and safeguard cryptocurrencies from harmful behaviors.
According to the statement, the law intends to reduce costs from a variety of cyber-related occurrences, including data breaches, ransomware attacks, business disruption, and network damage.
According to a survey by CertiK, there was a notable increase in crypto-focused phishing assaults during the second quarter of this year. According to the analysis, almost $2 billion was lost to hackers and vulnerabilities in the first half of this year, amassing a sum more than the total for 2021 in just half the time.
Lummis has recently sponsored and suggested new measures aimed at the cryptocurrency business and has generally been a prominent supporter of the sector.
Lummis and Senator Kirsten Gillibrand, a Democrat from New York, introduced a bipartisan crypto bill in June with the intention of putting boundaries on the digital asset market. The 69-page law covers a wide variety of cryptocurrency market niches, including rules for supporting stablecoin and how to tax cryptocurrency transactions. Others disagree, believing regulation to be detrimental to innovation and the decentralized character of cryptocurrencies. Many market participants and authorities claim that there is a need for greater openness and guidelines on how digital assets should be regulated as the cryptocurrency business continues to expand in the public eye.
