William Burns said that developing an understanding of cryptography was a “critical priority” for the CIA, to which he intended to dedicate “resources and attention.
William Burns, the current head of the Central Information Agency, said that his predecessor launched initiatives aimed at collecting intelligence on Bitcoin.
Burns said the CIA is aiming to add expertise in cryptocurrencies and blockchain to its staff of intelligence analysts, in addition to talking with industry experts, in response to a question on crypto at the Wall Street Journal CEO Council Summit on Monday. He said that the crypto space’s difficulties “may have a massive effect” on the United States, based on what he has observed in ransomware assaults.
“My predecessor initiated this,” Burns said, most likely alluding to former acting CIA Director David Cohen’s conduct. “[They] had initiated a number of various initiatives focusing on cryptocurrencies and examining second- and third-order repercussions, as well as assisting our colleagues in other branches of the United States government in providing good information on what we’re seeing.”
He noted that developing such expertise in cryptography was a “critical priority” for the Agency, to which he intended to dedicate “resources and attention.” The CIA director did not provide details on the Agency’s strategy for combating cyberattacks, but suggested that it will attempt to “get at the financial networks” of criminal organisations that demand ransom in digital currencies.
Burns, who took over as director in March, has seen hackers demand millions in cryptocurrency in response to a May assault on the Colonial Pipeline system, but also has seen a task force from the US government recover the bulk of the stolen assets. Michael Morrell, a former acting director of the CIA from 2012 to 2013, said that “blockchain analysis is a very powerful crime-fighting and intelligence-gathering instrument that law enforcement organisations underutilize.”
Because there is no set term for a CIA director, Burns will very certainly serve at the pleasure of US Vice President Joe Biden. Biden has not yet announced his nominees for three open seats on the Federal Reserve System’s board of governors at the time of publishing.
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