This is aggressively myopic. Banning a cryptocurrency is akin to banning HTTP to prevent the attacker's connection for their shell.
All ccs are just a protocol which can send verifiably discrete packet w/o a central server verifying the discreteness, and with some fancy branding on the packet type. It's as if people felt very tribal about POP3 vs. IMAP, and the IMAP foundation put out branding and POP3 was a FOSS project. Protocols in that sense can't really be ever banned. It's like banning a math proof.
CCs play a role, but they are not the single factor that enables rware, by any means. For instance, it's a lot harder to pop a meat processing plant or coastal pipeline if they didn't hook up IoT to anything and everything OT-related, and ICS was awful at integrating vis b/t IT and OT networks in their plants. Or, for instance, if cyber insurance companies are forbidden from paying ransom, then the economic pot is suddenly dry. And so on...
You don't need to ban a protocol. You're free to play around with protocols all day, nobody cares.
What is absolutely crucial is to cut the link between that protocol and the financial system. And that is very, very simple. There are a few very centralised points where that happens, and those have to follow laws.
They are starting to get cut off already, and these kinds of catastrophes are going to drive the effort to make that happen even quicker.
Are you familiar with DeFi/Dexs. Short of banning and tracking networking and compute at a fairly unheard of scale short of child exploitation, itβs significantly more complex than banning Coinbase. Your suggestion, going back to the HTTP simile, is like saying banning Google bans HTTP, banning Pirate Bay will ban torrenting.
All ccs are just a protocol which can send verifiably discrete packet w/o a central server verifying the discreteness, and with some fancy branding on the packet type. It's as if people felt very tribal about POP3 vs. IMAP, and the IMAP foundation put out branding and POP3 was a FOSS project. Protocols in that sense can't really be ever banned. It's like banning a math proof.
CCs play a role, but they are not the single factor that enables rware, by any means. For instance, it's a lot harder to pop a meat processing plant or coastal pipeline if they didn't hook up IoT to anything and everything OT-related, and ICS was awful at integrating vis b/t IT and OT networks in their plants. Or, for instance, if cyber insurance companies are forbidden from paying ransom, then the economic pot is suddenly dry. And so on...