US Senators Propose Cybersecurity Bill Supports Crypto Firms Share Threat Info

US Senators have proposed a bill that supports crypto firms on declaring cybersecurity threats. This bill aims to be the framework for digital assets from the volatility of attacks.

Two of Senators, including Marsha Blackburn from Republican Tennessee and Cynthia Lummis from Republican Wyoming, have shared their legislation titled ” the Cryptocurrency Cybersecurity Information Sharing Act”. This bill – which is endorsed by the Electronic Transactions Association – is based on the Cybersecurity Information Sharing Act of 2015 that involves crypto firms in cybersecurity issues.

“Some bad actors have used cryptocurrency as a way to hide their illegal practices and avoid accountability,” Blackburn said. “The Cryptocurrency Cybersecurity Information Sharing Act will update existing regulations to address this misuse directly. It will provide a voluntary mechanism for crypto companies to report terrible actors and protect cryptocurrency from dangerous practices.”

According to two of US senators, if approved, this bill would be a solution for cyber-related issues such as operation interruption, data breaches, and network attacks,… to name a few. During the first quarters of this year, the crypto industry has suffered from multiple attacks. losing over $2 billion. This figure is larger than the entire year 2021.

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