Five Key Considerations Regarding New U.S. Sanctions to Address Ransomware Threats
On September 21, 2021, the U.S. Department of the Treasury (Treasury) Office of Foreign Asset Control (OFAC) imposed sanctions on a virtual currency exchange called Suex OTC, S.R.O. (Suex), and published an updated advisory on potential risks for those who facilitate ransomware payments. These coordinated actions represent significant moves by … Read More
The U.S. Innovation and Competition Act: Senate Passes Sweeping $250 Billion Bill to Bolster Scientific Innovation and Compete With China
On Tuesday, June 8, 2021, the U.S. Senate adopted by a 68-32 vote S. 1260, the United States Innovation and Competition Act, a nearly 2,400-page, $250 billion bill designed to boost U.S. semiconductor production, scientific research, development of artificial intelligence, and space exploration in the face of growing economic, technological, … Read More
Trump Executive Order Blocks Transactions With Certain Chinese Software Applications
On January 5, 2021, President Donald Trump signed Executive Order (EO) 13971, banning certain transactions and activities with persons who “develop or control” eight Chinese “connected software applications,”1 specifically Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office. The prohibitions will come into effect 45 … Read More
Office of Foreign Assets Control: Making or Facilitating Ransomware Payments May Violate U.S. Sanctions
On October 1, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published an advisory that highlights the risk of potential U.S. sanctions law violations if U.S. individuals and businesses comply with ransomware payment demands.1
Ransomware attacks use malware, often injected through phishing schemes, to encrypt a … Read More
BIS Issues Long-Awaited Notice on Controls on Foundational Technologies, Adds New Entities to Entity List
The U.S. Department of Commerce, Bureau of Industry and Security (BIS) published an advance notice of proposed rulemaking (ANPRM) soliciting comments to identify foundational technologies essential to U.S. national security by October 26, 2020 (the Foundational Technologies ANPRM). The ANPRM is only one step in a multiyear process through which … Read More
U.S. Launches Review of Export Controls on Emerging Technologies: Five Key Takeaways
The U.S. Department of Commerce, Bureau of Industry and Security (BIS) has published an advance notice of proposed rulemaking (ANPRM) initiating a 30-day public comment process regarding export controls for certain emerging technologies. The notice launches the implementation of a key provision of the Export Control Reform Act of 2018 … Read More
Fate Unclear for Obama Administration Cyber Sanctions
On December 28, 2016, former President Obama issued Executive Order 13757, Taking Additional Steps to Address the National Emergency with Respect to Significant Malicious Cyber-Enabled Activities (E.O. 13757). E.O. 13757 amends an earlier Executive Order 13694 (E.O. 13694) of April 1, 2015[1], under which the President declared a “national emergency” … Read More