So what group is going to help us by improving systems they didn’t create and don’t understand? This time it is The Ransomware Task Force.
The Ransomware Task Force is a public/private group of people made up of ex-law enforcement (FBI and Secret Service) and “experts” in the industry that will make a recommendation to the Department of Justice that more regulation is needed. Specifically, they will advise extending know-your-customer (KYC) “regulations to currency exchanges,” and “imposing tougher licensing requirements for those processing cryptocurrency.” KYC regulations are the government saying, “instead of you being anonymous, how about we get all your information so we can keep up with what you’re doing, and regulate and tax accordingly.”
Just for a quick glance, here are some of the quotes coming from the taskforce:
“There’s a lot more that can be done to constrain the abuse of these pretty amazing technologies.” Phillip Reiner- Taskforce Chair
“[Crypto] is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone is safe.” Unnamed Member (smart guy, leaving his name off)
If you think, this is just all committees and talk, be prepared for real government involvement.
But, it is not all bad news. Take a look at South Korea. The government there is taking real heat and backtracking for trying to regulate and shut down crypto technology because they say it has no intrinsic value. Young and angry voters let their voices be heard. I will link to the article, but, see two quotes from South Korean leaders from the article, and you can see why they received such push back:
“If younger people go down the wrong path, it is their elders’ duty to correct them and tell them where they have gone wrong.” Eun Sung-soo from the Financial Services Commission
“The government and the ruling party are at a loss over the issue of cryptocurrencies.” Joo Ho-young