goods. The international community has already taken some steps to strengthen KYC requirements. In June of 2019, the intergovernmental Financial Action Task Force (FATC) issued guidance recommending that virtual asset service providers, including crypto exchanges, share information about their customers with one another when transferring funds between firms. In December 2020, the U.S. Treasury Department published an advance notice of proposed rulemaking that would require cryptocurrency exchanges to perform and store KYC information on their customers, just like we require banks and other players in the global financial system to do. If designed and implemented properly, these types of tools can starve ransomware threat actors of the oxygen they need to operate. Congress should undertake an evaluation of how stronger KYC requirements and other safeguards can be used to effectively stem ransomware threats and then propose legislation and support agency action that achieves those objectives. Conclusion I am grateful for this Committee’s leadership on cybersecurity issues, and I believe that these recommendations would further advance America’s defense by bringing its cybersecurity strategy in line with an assumption of breach approach. As the recent supply chain breach has made abundantly clear, we cannot afford to delay these actions any longer. Every day we fail to act on them is another day that we leave the American government and our people vulnerable to cyber attacks, intellectual property theft, and espionage. These new steps would also serve to preserve America’s competitiveness in this new era of competition between the U.S. and its adversaries. This contest has reached an inflection point: the nations that present bold, long-term strategies to advance their economic, technological, and strategic interests will shape the future for decades to come, and the nations that fail to act will fall behind. Modernizing America’s cyber strategy is a linchpin that makes all other efforts to ensure continued American leadership possible. Thank you for inviting me to testify before you here today. Silverado is committed to being a long-term partner and resource for this Committee in our shared missions to address these critical challenges facing our nation. I look forward to your questions. 7