[UPDATED] Proposal For A Congressional Counter-Terrorism Study To Focus On Virtual Currencies
UPDATE: The proposed “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act” has been assigned bill number HR 2433.
US Representative Kathleen Rice of New York has authored a bill titled the “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act” that would call upon the Under Secretary of Homeland Security for Intelligence and Analysis to "develop and disseminate a threat assessment" posed by terrorists using virtual currency. The proposed bill will be in the House Homeland Security Subcommittee on Counterterrorism and Intelligence on May 18 for markup (a process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation).
The proposed bill comes after the now infamous “WannaCry” ransomware series of cyberattacks on May 12. The ransomware held many European and Asian networks hostage, demanding virtual currency for the return of encrypted vital data.
Hopefully, the threat assessment called for by the proposed bill will address lingering questions about cybersecurity concerns.
See the full text of the “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act” below: