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News ยท Regulation & Policy

Former CFTC Chair Backs White House Counter-Hacking Policy for Crypto Thieves

Chris Giancarlo endorsed the administration's restricted contractor model, walking back his earlier proposal for aggressive privateering letters of marque.

October 28, 2026basisdesk.news
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Key point 1 of 3

01

Ex-CFTC Chair Chris Giancarlo praised the White House's Aug. 12 cyber memo, calling the contractor-led counter-hacking initiative "just about right."

October 28, 2026basisdesk.news
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Key point 2 of 3

02

The administration rejected earlier proposals for broad letters of marque, requiring contractors to adhere to the Computer Fraud and Abuse Act.

October 28, 2026basisdesk.news
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Key point 3 of 3

03

Authorized operations require written DOJ and DHS approval, an escrow or bond of at least $1 million, and exclude state-run hacking entities.

October 28, 2026basisdesk.news
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Context

After the $1.4 billion Lazarus Group attack on Bybit in early 2025, industry figures pushed for private sector authorization to hack back and recover stolen crypto assets.

October 28, 2026basisdesk.news
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Why it matters

Cybersecurity contractors face tight operational guardrails, six-figure bonding conditions, and federal oversight instead of receiving sweeping statutory immunity.

October 28, 2026basisdesk.news
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What to watch

The public release or implementation of formal DOJ and DHS operating procedures, which passed an initial Oct. 11 deadline without public disclosure.

October 28, 2026basisdesk.news
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Sources

Built from 1 primary source, machine-checked before publication.

  • unchainedcrypto.com
October 28, 2026basisdesk.news
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October 28, 2026basisdesk.news
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