Cryptocurrency included in proposed cyber legislation amendment

TechCrunch reports that legislation amending the Cybersecurity Information Sharing Act of 2015 to push cyber threat reporting for cryptocurrency companies has been introduced by Sens. Marsha Blackburn, R-Tenn., and Cynthia Lummis, R-Wyo. The Cryptocurrency Cybersecurity Information Sharing Act, which has already received the Electronic Transactions Association's endorsement, seeks to address cryptocurrency misuse by threat actors in a bid to curb cybersecurity incident-related losses, said Blackburn. "It will provide a voluntary mechanism for crypto companies to report bad actors and protect cryptocurrency from dangerous practices," Blackburn added. Such a bill comes after Lummis and Sen. Kirsten Gillibrand, D-N.Y., introduced in June legislation that would institutionalize cryptocurrency safeguards. Cryptocurrency regulations have been increasingly sought by market players and regulators amid increasing threats, with CertiK reporting that crypto-related phishing attacks significantly rose during the second quarter of the year. More than $2 billion have been lost in crypto hacks and exploits during the first quarter of 2022, which is more than the entirety of last year.