US Senators Introduce Bill Requiring Treasury to Report on Cryptocurrencies and Their Use Globally

Two U.S. senators have offered a bipartisan invoice aimed toward making improvements to the oversight of cryptocurrency. The invoice calls for the Treasury Secretary to post a report back to Congress on cryptocurrencies and their competitiveness globally, together with how different international locations are the use of and mining them in addition to their affects on provide chains.

New Invoice Presented to Reinforce Oversight of Cryptocurrencies and Their Makes use of Globally

Senator Maggie Hassan, a member of the Senate Native land Safety and Governmental Affairs Committee, and Senator Joni Ernst offered law on cryptocurrency Monday.

The invoice states that its objective is “To require the Secretary of the Treasury to post to Congress a file on digital currencies and world competitiveness.” The senators described that this bipartisan invoice targets “to beef up oversight of cryptocurrency,” together with “mining operations in international international locations.”

Senator Hassan defined:

The invoice will require the Treasury Division to report back to Congress on digital currencies and their use globally – together with how different international locations are the use of and mining cryptocurrencies, and the way cryptocurrency mining operations are impacting provide chains, together with for important applied sciences like semiconductors.

The Treasury Secretary’s file will likely be in session with the Lawyer Common, the Board of Governors of the Federal Reserve Machine, and different related govt businesses. It will likely be submitted no later than two years after the date of the enactment of the invoice.

Previous this month, Senator Hassan known as on more than one federal businesses, together with the Treasury Division, to deal with the legal utilization of cryptocurrency, corresponding to cyberattacks. All through the affirmation listening to for Treasury Secretary Janet Yellen, the senator additionally pressed for motion towards unlawful makes use of of cryptocurrency.

Senator Hassan commented:

With a view to give a boost to U.S. competitiveness, our govt should get a greater deal with at the function that cryptocurrency is enjoying within the world economic system and the way it’s being leveraged by way of different international locations.

“I’m satisfied to spouse around the aisle with Senator Ernst to assist be sure that the Treasury Division remains on most sensible of the usage of cryptocurrency, together with the way it can have an effect on our provide chains,” she opined. The invoice will also be discovered right here.

What do you take into consideration this invoice requiring a crypto file from the Treasury Secretary? Tell us within the feedback phase underneath.

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