Today in TechREG, U.S. Senators Cynthia Lummis and Kirsten Gillbrand have introduced their long-awaited crypto bill that outlines the legal framework for crypto assets and establishes new powers to regulators. Bitcoin and other cryptocurrencies are at the center of the debate in a hearing held by the Senate Committee on Homeland Security and Governmental Affairs as enablers of ransomware attacks and ransom payments. In Europe, the European Parliament passed new legislation that will oblige all companies to have the same common charging port for all mobile phones, tablets and cameras by 2024.
Senators Lummis and Gillibrand Unveil Crypto Bill
U.S. Senators Kirsten Gillibrand and Cynthia Lummis introduced the first major bipartisan legislation aimed at regulating the crypto market on Tuesday (June 7). The draft bill, if approved, would classify digital assets as commodities and empower the Commodity Futures Trading Commission to rein in the nascent industry. With few exceptions, the bill designates digital currencies as “ancillary assets,” or intangible, fungible assets that are offered or sold in tandem with a purchase and sale of a security.
US Lawmakers Take on Crypto Ransom Payments
The Senate Committee on Homeland Security and Government Affairs held a hearing Tuesday to discuss the rising threat of cryptocurrencies as an enabler of ransomware attacks and ransom payments. Witness experts from the private sector will provide testimony about how to deal with these problems.
The Tuesday hearing comes a few days after Sen. Gary Peters, chairman of the committee, released a new report on June 2 detailing the results of his investigation into the role cryptocurrencies—which according to the report continue to play in emboldening and incentivizing cybercriminals to commit ransomware attacks that pose an increasing national security threat.
UK Sets Course to Woo Big Tech
The Department for Digital, Culture, Media and Sport is due to publish a digital strategy that will put together many of the government’s existing tech policies into one document, according to the Financial Times. The U.K. government has been working for years on a national strategic plan to become an AI “superpower.”
EU Agrees Single Charger, Despite Apple’s Opposition
By autumn 2024, USB Type-C will become the common charging port for all mobile phones, tablets and cameras in the European Union, Parliament and Council negotiators agreed Tuesday. Under the new rules, consumers will no longer need a different charging device and cable every time they purchase a new device, and can use one single charger for all of their small and medium-sized portable electronic devices. Mobile phones, tablets, e-readers, earbuds, digital cameras, headphones and headsets, handheld videogame consoles and portable speakers that are rechargeable via a wired cable will have to be equipped with a USB Type-C port, regardless of their manufacturer.
Prove Steps up Fight Against Authorized Push Payment Fraud in UK
Digital identification firm Prove Identity is partnering with financial firms and mobile carriers in the U.K. and using its Trust Score to step up the fight against authorized push payment (APP) fraud and scams. Prove’s Trust Score aims to help banks better fend off APP attacks by analyzing telecommunications signals and behavior patterns to spot possible fraud-like activity during high-risk transactions, according to a Tuesday (June 7) press release.
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