U.S. Senators Introduce Bill Requiring Treasury to Report on Cryptocurrencies and Their Use Globally – Bitcoin News

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Two U.S. Senators have introduced a bipartisan bill to improve cryptocurrency oversight. The bill requires the Secretary of the Treasury to submit a report to Congress on cryptocurrencies and their competitiveness on a global scale, including how other countries use and exploit them and their impacts on chains supply.

New bill introduced to improve oversight of cryptocurrencies and their uses globally

Senator Maggie Hassan, a member of the Senate Committee on Homeland Security and Government Affairs, and Senator Joni Ernst introduced cryptocurrency legislation on Monday.

The invoice says its goal is “to require the Secretary of the Treasury to submit to Congress a report on virtual currencies and global competitiveness.” Senators described that this bipartisan bill aims “to improve the oversight of cryptocurrency”, including “mining operations in foreign countries.”

Senator Hassan explained:

The bill would require the Treasury Department to report to Congress on virtual currencies and their use around the world, including how other countries use and mine cryptocurrencies, and the impact of operations. of cryptocurrency mining across supply chains, including critical technologies such as semiconductors.

The Secretary of the Treasury’s report will be in consultation with the Attorney General, the Board of Governors of the Federal Reserve System and other relevant government agencies. It is tabled no later than two years after the date of promulgation of the bill.

Earlier this month, Senator Hassan called on several federal agencies, including the Treasury Department, to tackle criminal use of cryptocurrency, such as cyber attacks. During Treasury Secretary Janet Yellen’s confirmation hearing, the senator also lobbied for action against illegal uses of cryptocurrency.

Senator Hassan commented:

In order to strengthen the competitiveness of the United States, our government must better understand the role that cryptocurrency plays in the global economy and how it is exploited by other countries.

“I am happy to partner across the aisle with Senator Ernst to help ensure that the Treasury Department stays on top of the use of cryptocurrency, including its impact on our supply chains, ”she said. The invoice can be found here.

What do you think of this bill requiring a crypto report from the Secretary of the Treasury? Let us know in the comments section below.

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