The effort seeks to bolster the kind of “know your customer” rules that govern transactions among traditional financial institutions. And while those rules have sometimes applied to cryptocurrency transactions, that is the exception, not the rule. Getting international agreement on transparency in such transactions, though, will be an enormous diplomatic task, administration officials concede. In a ransomware case that followed Colonial, hitting a major beef producer, none of the $11 million ransom was recovered. The Biden administration is trying to assure that the policies are written only for firms that comply with a minimum standards of cybersecurity.

Source: International New York Times July 15, 2021 16:52 UTC