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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On Tuesday, Janet Yellen appeared before the House Financial Services Committee to explain the recent work of the Financial Stability Oversight Council (FSOC), which is composed of the heads of US financial agencies. The council aims to prevent crypto risks and avert financial crises, and has paid special attention to this area in recent years.

In her prepared statement, she said, “The Council has focused on the risks associated with digital assets and transactions on crypto-asset platforms, vulnerabilities that could arise from crypto-asset price volatility, and regulatory gaps.”

Janet Yellen stated that she would continue to work with Congress on crypto legislation. “It is important that existing rules be enforced, and Congress should pass legislation to ensure that stablecoins are regulated and that there is oversight of spot markets for non-securities crypto assets,” she said.

Yellen’s remarks indicate that the crypto sector is at the center of the US government’s financial concerns.

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