Two US senators have introduced a bipartisan bill aimed at improving oversight of cryptocurrency. The bill requires the Secretary of the Treasury to report to Congress about cryptocurrencies and their global competitiveness, including how other countries use and mine them as well as their impact on supply chains.
A new bill has been introduced to improve the oversight of cryptocurrency and its uses globally
Senator Maggie Hassan, a member of the Senate Homeland Security and Governmental Affairs Committee, and Senator Joni Ernst introduced legislation regarding cryptocurrency on Monday.
The bill states that its purpose is to “require the Secretary of the Treasury to report to Congress on virtual currencies and global competitiveness.” The senators described the bipartisan bill as aiming to “improve oversight of cryptocurrency,” including “mining operations in foreign countries.”
Senator Hassan explained:
The bill would require the Treasury Department to report to Congress about virtual currencies and their use globally — including how other countries use and mine cryptocurrency, and how crypto mining is affecting 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 must be submitted no later than two years from the date of issuance of the law.
Earlier this month, Senator Hassan called on several federal agencies, including the Treasury Department, to address criminal use of cryptocurrency, such as cyber attacks. During Treasury Secretary Janet Yellen’s hearing, the senator also lobbied for action against illegal uses of cryptocurrency.
Senator Hassan commented:
In order to enhance the competitiveness of the United States, our government must better deal with the role that cryptocurrency plays in the global economy and how it is used by other countries.
“I am pleased to be sharing along the aisle with Senator Ernest to help ensure that the Treasury Department remains at the forefront of cryptocurrency use, including how it affects our supply chains,” she explained. The invoice can be found here.
What do you think of this law requiring an encryption report from the Secretary of the Treasury? Let us know in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.