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ANALYSIS: Amid Bitcoin Ransoms, Congress Lags Behind Regulators

June 17, 2021, 9:00 AM

Bitcoin use in the Colonial Pipeline and JBS ransomware payments has led to calls for more regulation of cryptocurrencies from everyone from members of the Senate to cybersecurity experts. A common refrain is that regulators have moved too slowly to address the problem of criminal use of cryptocurrencies. But a near-decade of regulatory and law enforcement initiatives belies this notion. The problems ultimately reside in gaps that exist in the laws that regulators and law enforcement are attempting to interpret and enforce, and Congress is responsible for addressing them.

Regulating Cryptocurrency Activity Since 2013

The Financial Crimes Enforcement Network ...