A representative for the White House said on Friday that the administration is exploring a broad control of the cryptocurrency market to address the growing threat of ransomware and other cybercrime.
“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman said.
On Thursday that the oversight might involve an executive order. A spokeswoman declined to say if an executive order would be included in such a review.
Ransomware encrypts the data of its victims. In most cases, hackers will give the victim a key in exchange for cryptocurrency payments in the hundreds of thousands or even millions of dollars.
President Joe Biden said earlier this month that senior US national security advisers will meet this month with officials from 30 nations to discuss ways to battle the growing threat of ransomware and other cybercrime.
An online session hosted by the White House National Security Council will also be aimed at “improving law enforcement collaboration” on issues like “the illicit use of cryptocurrency,” Biden had said.
