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U.S. Senators Introduce Bill to Keep Track on Overseas Crypto Mining

Mining

cryptoknowmics.com 29 September 2021 10:30, UTC
  
Reading time: ~2 m

Two U.S. Senators have introduced a bipartisan bill that would require the authorities to keep tabs on foreign countries' crypto mining activity including how they impact supply chains and technologies like semiconductors.

U.S. Senators Wants to Monitor Overseas Crypto Mining

Senator Maggie Hassan (D-NH) and Senator Joni Ernst (R-IA) are introducing a bill to improve oversight of foreign crypto mining operations. In addition, the bill will also require the U.S. agencies to “identify vulnerabilities, including those related to supply disruptions and technology availability of the global microelectronic supply chain, and opportunities with respect to virtual currency mining operations.”

“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 legislation would require the U.S. Treasury Department to report to Congress on how cryptocurrencies are being mined and used and in foreign nations including how they impact supply chains and technologies like semiconductors.

Need for Crypto Regulation

The study will estimate how much overall crypto was mined between 2016 and 2022 and which coins were mainly mined. While it's still unclear whether the mining refers solely to cryptocurrency mining through proof-of-work coins or if proof-of-stake coins would also qualify.

In a statement, Hassan said the U.S. “must get a better handle” on how cryptocurrencies are used worldwide.

“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.”

This is not the first time Senator Hassan has directed her attention to the crypto industry. Earlier this month, she called on the Treasury Department as well as other federal agencies to address how cryptocurrencies facilitate criminal activity like cyberattacks. Following that, the U.S. Treasury Department announced actions to counter ransomware.


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