US senators pitch updated bill to improve cybersecurity

The idea in the new legislation is to make it mandatory for cryptocurrency companies to report security risks to regulators.

A pair of US senators have introduced an update to the Cybersecurity Information Sharing Act of 2015, to include cryptocurrencies and require cryptocurrency companies to report cybersecurity threats.

Senators Marsha Blackburn and Cynthia Lummis said that the bill is already backed by the Electronic Transactions Association. The news was first shared by TechCrunch.

Blackburn told the publication that there were bad actors who had used cryptocurrencies to hide illicit practices and avoid accountability.

No more, she said, as the new legislation will seek to make it so that regulators can intervene on time.

“It will provide a voluntary mechanism for crypto companies to report bad actors and protect cryptocurrency from dangerous practices”, a statement to the media read.

This comes at an important time for the cryptocurrency industry. According to CertiK, a cyber security firm, there has been a significant increase in phishing attacks against consumers in 2022.

In the first half of the year alone, more than $2bn was lost to various hacks and exploits, a significant step up from the numbers in 2021.

Lummis has been a long-time proponent of regulating the crypto industry in a way that ensures that consumers and investors stay safe.

She has been working with lawmakers from both sides of the political spectrum to enact meaningful change.

Her most recent efforts were preceded by another bipartisan bill she helped coin with Senator Kristen Gillibrand.

At the time, Lummis insisted on installing safeguards in the cryptocurrency sector so that consumers may be protected.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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