Want the best of VICE News straight to your inbox? Sign up here.Cyber crooks keep holding huge American companies hostage for hundreds of millions in cryptocurrency. And attempts to stop them could have big implications for crypto itself. That’s because the wave of cyber attacks is prompting calls for new regulation of cryptocurrency—an asset originally designed to exist beyond the reach of governments or central banks.
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That dynamic is spurring a debate over new regulations. The Biden administration has already proposed making businesses report any crypto transactions over $10,000 to the IRS. And a coalition of U.S. government agencies released a report this spring calling for tighter crypto regulations to help track and disrupt ransom payments.
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