In Brief:
- Senator Maggie Hassan and Joni Ernst has introduced a bipartisan bill on crypto mining
- The bill would require the Treasury Department to report on foreign countries’ mining activities
- Previously, Senator Maggie Hassan had address the Treasury department and other Federal agencies on criminal activities using cryptocurrencies
Two U.S Congress senators, Maggie Hassan, and Joni Ernst are introducing a bipartisan bill to tighten surveillance on foreign crypto mining activities.
As per the bipartisan bill, The Treasury Department would be required to submit a report to Congress on the use and mining of cryptocurrencies in foreign countries. In this report, they also need to submit how cryptocurrencies and mining impact the supply chain.
“In order to strengthen U.S. competitiveness, our government must get a better handle on the role that cryptocurrency is playing in the global economy and how it is being leveraged by other countries,” Senator Hassan said.
The group would also be charged with estimating how much crypto was mined between 2016 and 2022. The goal is to increase the US’s global competitiveness, Hassan says crypto is critical to keeping the US on the cutting edge.
Before this bill announcement, Senator Hassan has tried many times to direct federal and authorities to watch over the crypto industry. While this bill focuses on crypto mining, previously she talked about cybersecurity.
Earlier this month, Hassan called the treasury department and other federal agencies to address how criminals execute such activities as a cyberattack using cryptocurrencies. After this, The Treasury Department had taken countermeasures to diminish the threat of ransomware.
“As cybercriminals use increasingly sophisticated methods and technology, we are committed to using the full range of measures, to include sanctions and regulatory tools, to disrupt, deter, and prevent ransomware attacks,” said Treasury Secretary Janet Yellen at the time.
To take the bill to the front line, Senator Hassan has also got support from Republican senator Ernst. These two senators are working together to build a war memorial in Washington D.C.
“I’m glad to partner across the aisle with Senator Ernst to help ensure that the Treasury Department stays on top of the use of cryptocurrency, including how it can impact our supply chains,” she added.
The bill has been revealed at a time when many countries are taking different geopolitics moves on Cryptocurrencies. Recently, China has imposed a ban on crypto mining. Before this ban, China was covering approximately two-thirds of the world’s total mining industry. Amid this crackdown mining pools announced to shut down the mining operations.
