The cryptocurrency community is getting stirred again by regulators, because, the Biden administration are planning to implement new measures to make it more complicated for hackers to profit from ransomware attacks by using cryptocurrencies.

Next week, the Treasury Department are likely to impose sanctions and guidance designed to discourage organizations from making use of digital currencies to pay for ransoms.

This is the latest attempt by the Biden administration to deal with the issue of ransomware attacks. Pipeline operators are called to mandate rules and to appoint cybersecurity coordinators to report incidents related to the Cybersecurity and Infrastructure Security Agency.

Emin Sun Sirer expressed:  Repeat after me: Stop trying to use the financial system in order to prosecute crimes after the fact. The root cause of ransomware attacks is the weak state of computer security, not the mechanism used for payment.

This is a great point. It should be possible to *click on every link* in your spam folder, to install every executable, and to not lose control of your platform. This technology is possible. Instead, we go after post-facto financial abatement.

Emin responded to the news on how the Treasury Department will target specific cryptocurrency exchanges and traders. Probably US impose crypto sanctions amid ransomware attacks.

Community Response:  If it were easy to solve computer insecurity, we wouldn’t have ransomware attacks.

Here’s an alternative approach: 1. Hold companies liable for the security of their infrastructure 2. Force them to carry insurance commensurate with the role they play 3. Invest heavily in computer security technologies.

Exactly, the FBI was able to recover the Bitcoin paid to the pipeline company that was hacked because of blockchain tech. Let’s see the FBI recover cash as easy.

Paying hard earned tax for the government that never put them into the essential infrastructures but burn them away like it’s nothing while blaming everything but themselves that’s it I’m joining politics.

Ok we need to impose sanctions against the dollar because it is used for drugs/human/arm trafficking.

Article says it will go after individual traders to try to stop ransomware. That’s a non-sequitur to me. How do those relate?

The weakest point of technology is always human.

Stop trying to use the financial system in order to prosecute crimes after the fact. The root cause of ransomware attacks is the weak state of computer security, not the mechanism used for payment.