This was announced on Wednesday by Deputy Attorney General Lisa Monaco.
On Wednesday, US Deputy Attorney General Lisa Monaco unveiled two new law enforcement initiatives by the Justice Department to tighten controls on cryptocurrencies and government contractors who do not report cybercrime.
Speaking at the Aspen cyber summit on Wednesday, Monaco announced the launch of the National Cryptocurrency Enforcement Group, which aims to “strengthen” the Justice Department’s ability to deal with financial markets that allow cybercriminals to thrive.
The group will include anti-money laundering and cybersecurity experts.
“Cryptocurrency exchanges want to become the banks of the future, but we need to make sure that people can be at ease using these systems, and we need to be prepared to eradicate abuse,” Monaco said. “The point is to protect consumers.”
Cybercriminals who attack American companies through extortion programs usually receive money in cryptocurrency. Hackers often use a combination of different cryptocurrency services to receive and transfer these payments, helping to hide them from law enforcement.
Monaco has also announced the launch of an anti-cyber fraud initiative that “will use civil remedies to prosecute companies that are government contractors and receive federal funds but do not meet recommended cybersecurity standards.”
“For too long, companies have chosen to remain silent because of the misconception that hiding violations is less risky than reporting them. Today, things are changing,” Monaco said.