Senator Tim Scott and Representative French Hill wrote to Treasury Secretary Janet Yellen on December 31st, requesting a comprehensive congressional briefing on the cyberattack. They asked for this briefing to be delivered by January 10th.

Details of the Request

Scott and Hill expressed concerns over the contents of the information accessed by the hackers, how the attack occurred, and what measures the Treasury is taking to prevent similar incidents in the future. They stated:

“This breach of federal government information is extremely concerning.”

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“Treasury Department holds highly sensitive information, such as taxpayer data, business ownership details, and suspicious transaction reports. Protecting this data from foreign adversaries who wish to harm the United States should be a top priority.”

It was emphasized that the breach by a China Communist Party (CCP)-supported advanced persistent threat (APT) actor into Treasury’s information systems was unacceptable and raised serious questions about federal government protocols for protecting sensitive information.

First Treasury Department Statement

On December 2, 2024, it was reported that the threat actors accessed non-classified documents on Treasury employees’ computers.

Treasury officials confirmed that the attack was carried out by a China state-backed APT actor, and further details will be provided in an additional report under the Federal Information Security Modernization Act within 30 days.

China denied the attack, with a statement to Reuters: “We absolutely reject the baseless attacks by the US targeting China.”

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The FIT21 bill, which aims to provide a regulatory framework for digital assets and increase oversight by the Commodity Futures Trading Commission (CFTC), passed the House in May but stalled in the Senate. Meanwhile, the stablecoin bill, introduced by the Patrick McHenry-led House Financial Services Committee, also awaits further action.

Hill acknowledged that progress on these bills depends on the outcome of the November elections, which will determine the next Congress’s priorities. He also suggested that financial services priorities could be attached to the National Defense Authorization Act (NDAA), a must-pass bill, as a potential strategy for advancing the crypto legislation.

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If the current Congress fails to pass the bills, Hill emphasized that crypto regulation would be a top priority for the next Congress in 2024. CFTC Chair Rostin Behnam and Tether CEO Paolo Ardoino echoed concerns about the delay in U.S. crypto regulations.

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