Democrat Senator raise issue over the use of crypto in ransomware

Senator Hassan asserted that there is huge restrictive regulation on digital assets required so that we can prohibit the use of crypto in illicit activities. 

With the adoption of crypto in different sectors, bad actors are aware about the potential of crypto and they are using it for their illegal activities. In the latest, senator Maggie Hassan talked about it and demanded action. 

By taking the reference of a recent incident that happened in her home state of New Hampshire where $2.3 million was stolen in a cyber attack, she raised concern about the use of crypto in ransomware and other illegal activities. 

A letter regarding this matter has been sent by the The Senate Homeland Security and Governmental Affairs Committee member to the the Department of Homeland Security, the Internal Revenue Service, the Securities and Exchange Commission, and the Treasury Department’s Financial Crimes Enforcement Network, on 16 September. 

Senator Hasan added that the anonymous feature of crypto is responsible for many kinds of illegal activities like rug sales over the dark web, payments for ransomware attacks, tax evasion, financing for terrorism and organized crime, money laundering, and more.

She also raised the concern on the DeFi and Cefi based exchanges and said that more regulation and more KYC verification enforcement was needed. 

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