US Senators Introduce Bill to Track Foreign Crypto Mining
A pair of US Senators recently announced a new bipartisan bill which would improve the oversight of foreign crypto mining facilities.
Two US Senators introduced a new bill aimed at tracking foreign crypto miners. Senator Maggie Hassan (D-NH) and Joni Ernst (R-IA) joined forces to introduce the bill on Sept. 27.
The bill would require the Secretary of the Treasury to share reports on digital currencies and global competitiveness with Congress. Included in these reports would be details on foreign countries and how they are using and mining cryptocurrency. Additionally, how these operations affect supply chains like superconductors and computer chips.
The proposed bill also requests information sharing with several committees including the Committee on Agriculture, Nutrition and Forestry, the Committee on Banking, Housing and Urban Affairs, and the Committee on Finance among others.
In a press release reporting the bill, Senator Hassan said the bill was introduced “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.”
Hassan goes on to say that “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.”
Hassan targeting cybercriminals
However, this was not the first time that Senator Hassan addressed issues in the cryptocurrency market. While this recent example focused on crypto mining, previously the Senator touched on cybersecurity.
On Sept. 17 she released a statement on the topic. This came after a meeting with state and local officials in New Hampshire to discuss the importance of cybersecurity. The meeting came in the wake of news that cybercriminals targeted the town of Peterborough.
That attack, in August 2021, saw $2.3 million stolen from residents and taxpayers. A local school reported it had not received a $1.2 million monthly transfer from the town. This brought attention to the theft and later uncovered the town as a victim of an email-based attack.
“We know that what happened in Peterborough will happen again, and we must do everything we can to give our communities the tools that they need to defend against cybercriminals in order to protect their online systems – and in turn, taxpayer dollars,” said Hassan after the theft.
Moreover Senator Hassan has already successfully seen a bill passed by the Senate. The State and Local Cybersecurity Improvement Act will authorize a new grant program at the DHS dedicated to combatting cyberattacks. If signed into law, it would provide nearly $1 billion in funding.
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