Legislators are desperate to find ways to regulate cryptocurrency after the explosion of adoption in America. Ransom Disclosure Act was introduced by Senator Elizabeth Warren, and Representative Deborah Ross. It requires victims of ransomware attacks to reveal ransom information to the Department of Homeland Security.

On Tuesday, the bill was introduced to collect crucial data about crypto payments and fiat so that investors are protected from cybercrimes.

Warren’s legislation is seeking to reveal “a fuller picture” about ransomware attacks in an ongoing effort to eradicate illegal financial activities.

My bill with Congresswoman Ross would set disclosure requirements when ransoms are paid and allow us to learn how much money cybercriminals are siphoning from American entities to finance criminal enterprises — and help us go after them.

This bill also supports research into the relationship between cryptocurrency and ransomware. This effort will be headed by the Secretary for Homeland Security. All information accrued from the study will be utilized in inferring ideas for improving the nation’s cybersecurity.

Rep. Ross implied that US investors were not required yet to report ransomware payments. This is crucial for countering ransomware attacks. She added that the new legislation “will implement important reporting requirements, including the amount of ransom demanded and paid, and the type of currency used.”

The bill stipulates that ransom payments must be disclosed by victims in the US within 48 hours via a website set up and maintained by DHS.

Meanwhile, a report shared by the U.S. Securities and Exchange Commission urges Congress to “clarify the status of digital assets to make clear when it is a security,” as federal authorities continue to introduce bills to regulate the crypto market.

A bill introduced by Representative Patrick McHenry also allows for the offering of cryptocurrency tokens to projects without having to register with authorities.

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