A bill is being developed in the United States that would allow the president to appoint private personnel for cryptocurrency seizures from cybercriminals. Proposed by Congressman David Schweikert, this could change the approach to combating cyber threats.
Overview of the Bill
The bill empowers the use of privately armed and equipped personnel to combat cybercrime, granting them the authority to employ all reasonable measures to seize property, detain, or punish offenders deemed threats by the president.
Threats Identified in the Bill
The document outlines major threats including cryptocurrency theft, scam operations, ransomware attacks, and unauthorized access to computers for obtaining personal or classified information. Cyber fraud is characterized as 'acts of war' committed by individuals, organized criminals, and foreign governments.
Consequences of Seizures
New initiatives suggest that seized assets could be utilized to bolster the US cryptocurrency reserves, permissible after standard judicial proceedings. Recently, more than $142 million in losses from cyberattacks have been reported in the US, highlighting the bill's urgency.
The proposed cryptocurrency seizure bill could alter the methods of combating cybercrime in the US, establishing new mechanisms for prevention and punishment.
