US Senators Strive to Amend Cybersecurity Bill to Aid Crypto

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  • US Senators introduced a bill to help crypto organizations report cybersecurity issues.
  • The legislation is poised to bring changes to the Cybersecurity act.
  • Adding crypto firms to this act will help companies fight cybersecurity threats.

US Senators, Marsha Blackburn and Cynthia Lummis have introduced a bill to help crypto organizations report cybersecurity issues. Marsha Blackburn is a Republican from the state of Tennessee, and Cynthia Lummis is a Republican from Wyoming.

According to reports, the reformed legislation which is titled Cryptocurrency Cybersecurity Information Sharing Act, would bring amendments to the Cybersecurity Information Sharing Act of 2015. The main change that the statesmen wish to bring is to include cryptocurrency firms in the act to ensure enhanced protection to these organizations.

In a statement to the public, Blackburn explained that some bad actors were using crypto as a way to mask their illegal activities and avoid accounting. The Senator further added:

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 bad actors and protect cryptocurrency from dangerous practices.

In related news, back in June, Senator Lummis proposed a bipartisan crypto bill, to create a regulatory framework for the crypto markets.

Cybersecurity is a major concern in the crypto space. With the rising number of fraudulent practices and hacking in the space, the requirement for a cybersecurity oversight was long overdue. In the first half of this year alone, there was a reported loss of over $2 billion through hacks.

The crypto community, at least the one in the US, believes, that with the introduction of such policies and regulations, investors can expect better protection. However, part of the crypto world firmly reinstates that any interference from the government, even a seemingly positive one, could be harmful in the long run.