The White House takes over the broader oversight of the cryptocurrency market

A White House spokeswoman said Friday:

“The White House is considering widespread oversight of the cryptocurrency market to combat the growing threat of ransomware and other cybercrime.”

A spokeswoman for the White House National Security Council said:

“The National Security Council and the National Election Commission are coordinating interagency to look into ways we can ensure that cryptocurrencies and other digital assets are not used to support bad actors, including ransomware criminals.”

The agency reported Thursday that the oversight may include an executive order.

The spokeswoman would not comment on whether an executive order would be part of that oversight.

The ransomware works by encrypting the victims' data.

The hackers usually give the victim a key in exchange for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

The position of the White House on the cryptocurrency market

Earlier this month, the president said Of the bygones:

“The top US national security advisers will bring together officials from 30 State this month with plans to combat the growing threat of ransomware and other cybercrime.”

Biden An online session hosted by the White House National Security Council will also aim to "improve law enforcement cooperation" on issues such as "the illicit use of cryptocurrencies."