THE White House is considering a wide ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cyber crime, a spokeswoman said Friday.

The U.S. National Security Council (NSC) and the National Economic Council (NEC) are coordinating across the interagency to “look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House NSC spokeswoman said.

The oversight could include an executive order, Bloomberg News reported. The spokeswoman did not comment on whether an executive order will be part of such oversight.

Ransom software works by encrypting victims’ data. Typically hackers will offer the victim a key in return for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

Earlier this month, U.S. President Joe Biden said top U.S. national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cyber crime.

An online session hosted by the White House NSC will also be aimed at “improving law enforcement collaboration” on issues like “the illicit use of cryptocurrency,” Biden had said.

They crypto market has drawn regulatory attention worldwide as the highly volatile digital currencies pose growing risks. China’s regulator has a proposed phasing out domestic cryptocurrency mining in a document published Friday.(SD-Agencies)