Senator Maggie Hassan (D-NH) and Senator Joni Ernst (R-IA) are introducing a bipartisan bill to improve oversight of foreign crypto mining operations.
The bill would require the Treasury Department to report to Congress on how cryptocurrencies are being used—and mined—in foreign nations, including how they impact supply chains and technologies like semiconductors.
“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.
This is not the first time Senator Hassan has directed federal 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. The Treasury Department has since announced actions designed to counter ransomware.
“As cybercriminals use increasingl
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