House Democrats Take Aim at Crypto with New Working Group Grabowska
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Democratic House members will form a new group to address cryptocurrency-related concerns, Rep. Maxine Waters said in a virtual hearing. The group, according to Waters, will focus on engaging with regulators and experts to do a "deep dive on this poorly understood and minimally regulated industry." Waters also added that the reason for forming the group is an exponential growth of cryptocurrencies.

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Nonetheless, it remains unclear which representatives would be involved in the group. Waters' new push against the cryptocurrency market comes after the US Department of Justice gave ransomware-related investigations the same priority as terrorism.

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The US authorities turned their attention to ransomware attacks after hackers used the technique to attack the country's largest pipeline network, Colonial Pipeline. The hackers crippled its systems and demanded a ransom in a cryptocurrency to restore access. Analyst firm Elliptic estimates that the hacking group called DarkSide, which was blamed for the Colonial Pipeline attack, received at least $90 million in BTCs in ransoms over the course of its history.

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