US explores radical legal tool to fight overseas crypto thefts
US Representative David Schweikert has introduced legislation granting the President authority to act against crypto criminals operating abroad.
The bill, filed as House Resolution (H.R. 4988), invokes the rarely used concept of “letters of marque and reprisal,” which is a legal instrument dating back to maritime warfare.
Historically, such letters authorized privateers to attack and seize enemy ships during wartime, providing governments a way to retaliate against foreign aggression.
Under Schweikert’s proposal, the mechanism would extend into the digital domain. The legislation would allow private individuals or companies to act on behalf of the United States to recover stolen assets or disrupt cybercriminal operations targeting…
