US Senators Marsha Blackburn and Cynthia Lummis have submitted proposals to amend a 2015 bill that would allow “voluntary sharing of cyberthreat indicator information between cryptocurrency companies.”
According to a bill on the amendment of the Cybersecurity Information Exchange Act of 2015, Blackburn and Lummis suggested to US lawmakers that they allow companies involved in distributed ledger technology or digital assets to report network damage, data breaches, ransomware attacks, and related cybersecurity threats. government officials for possible assistance. Should the bill become law, agencies such as the Financial Crimes Enforcement Network and the Cybersecurity and Infrastructure Security Agency would issue policies and procedures for crypto firms facing potential cybersecurity risks.
The original bill, which passed the Senate in October 2015, basically established a framework for the US government to coordinate cybersecurity reporting of “private entities, non-federal government agencies, state, tribal, and local governments, the public, and entities” and recommend possible methods to prevent and protect against attacks. Under the proposed amendment, the legislation would be renamed the Cryptocurrency Cybersecurity Information Exchange Act.
Blackburn told TechCrunch that the amendments to the cybersecurity bill would provide a means for crypto firms to “speak out against bad actors and protect crypto from dangerous practices,” given the possible illegal uses. Lummis has also co-sponsored bills in the Senate intended to provide regulatory clarity to this space, addressing the respective roles of the Securities and Commodity Futures Trading Commission on digital assets.
Lummis-Gillibrand would empower the Securities and Exchange Commission to enact clear regulations that define which cryptocurrencies are securities. https://t.co/9oNd5FX89N
— Cointelegraph (@Cointelegraph) September 8, 2022
Lummis-Gillibrand would empower the Securities and Exchange Commission to enact clear regulations defining which cryptocurrencies are securities.
The original cybersecurity bill stated that it would be in force for 10 years from the date of its enactment. In October 2015, Congress reported that the bill was on the desk of the House of Representatives.
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