Despite the fact that crypto adoption is booming within the United States and the rest of the world, the U.S treasury and other regulatory offices are taking intense measures to make sure that the guidelines and policies for crypto are not only updated in real-time but upheld by exchanges and crypto companies as well. Cryptocurrencies, without any doubt, are the innovative vehicles of modern finance, but at the same time, some problematic use is also associated with decentralization and blockchain technology. The Biden administration specifically seeks to eliminate these ill uses of crypto and to make it efficient and beneficial for everyone.
The month of September was the very first instance when the U.S treasury took the initiative to do something when it came to the security of the masses using crypto. The U.S treasury did sanction crypto exchange for its ransomware affiliation, which was a very positive step ahead. These proposed guidelines are not only applicable to crypto exchanges and blockchain businesses but to individual traders, investors and miners as well. Bad actors are trying their very best to hit crypto users and companies all the time; they are not going to stop or give up at all.
U.S Treasury to Take Action Against Bad Actors
What needs to be done is to build a framework deeming that the crypto industry remains secure and safe from these bad actors and their ill intent over doing wrong. The most illicit doing of these bad actors is ransomware attack and demanding crypto from the victims as a payment method so they would give them back their files, crypto assets, and important data, which was initially encrypted in the illicit attack. U.S. Treasury will not sit or abide by these bad actors, and that is why a new set of rules and guidelines have been listed and approved by the treasury, and these will be taking effect sooner than later.
Some of the key features for these guidelines include the Geolocation tools, which would be able to expose the IP address of the bad actors or countries that are under the sanction. The next step would be to monitor any and all transactions and identify both parties involved, and last but not least is administering the bad actors and companies into the blacklist so they won’t be able to operate at all.