Senators Introduce Crypto-Mining Rates and Uses Valuation Bill – MeriTalk

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Senators Maggie Hassan, DN.H. and Joni Ernst, R-Iowa, introduced bipartisan legislation that would require the Treasury Department and other federal entities to review the use and exploitation of cryptocurrencies globally and submit a detailed report on the issue to several congressional committees.

The bill would require a comprehensive assessment of how foreign countries are earning and turning to virtual currencies, the policies they have implemented to encourage the adoption of cryptocurrency, and whether the use of the cryptocurrency could strengthen or undermine foreign countries within their borders.

To strengthen the competitiveness of the United States, our government needs to better understand the role cryptocurrency plays in the global economy and how other countries are benefiting from it, Senator Hassan said in a press release. I’m happy to partner across the aisle with Senator Ernst to help ensure the Treasury Department stays on top of the use of cryptocurrency, including its impact on our chains. supply.

The legislation also calls for identifying the types and dollar value of cryptocurrencies mined for each fiscal year from 2016 to 2022, explicitly in the United States, China, and globally. Officials are also expected to illustrate the impact of cryptocurrency mining operations on supply chains, such as semiconductors and other critical technologies.

Additionally, Hassan called on several federal agencies, including the Treasury Department, to address current aspects of the cryptocurrency market that allow for criminal uses, such as cyber attacks.

Separately, the Justice Department said earlier this week that it is launching a National Cryptocurrency Enforcement Team that aims to both build trust in cryptocurrency and dismantle the criminal actors who abuse the medium of exchange.

Monaco explained that with the increase in ransomware attacks, cryptocurrency and ransomware are inextricably linked, as criminals are paid through cryptocurrency due to the additional anonymity these technologies provide.

Cryptocurrency exchanges want to be the banks of the future. Well, we have to make sure that people can have confidence when they are using these systems and we have to make sure that we are ready to eliminate the abuse that can take hold of them, she said.

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