Two U.S. senators have launched a bipartisan invoice aimed toward bettering the oversight of cryptocurrency. The invoice requires the Treasury Secretary to submit a report back to Congress on cryptocurrencies and their competitiveness globally, together with how different nations are utilizing and mining them in addition to their impacts on provide chains.
New Invoice Launched to Enhance Oversight of Cryptocurrencies and Their Makes use of Globally
Senator Maggie Hassan, a member of the Senate Homeland Safety and Governmental Affairs Committee, and Senator Joni Ernst launched laws on cryptocurrency Monday.
The invoice states that its goal is “To require the Secretary of the Treasury to undergo Congress a report on digital currencies and world competitiveness.” The senators described that this bipartisan invoice goals “to enhance oversight of cryptocurrency,” together with “mining operations in overseas nations.”
Senator Hassan defined:
The invoice would require the Treasury Division to report back to Congress on digital currencies and their use globally – together with how different nations are utilizing 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 report might be in session with the Legal professional Basic, the Board of Governors of the Federal Reserve System, and different related authorities companies. It shall be submitted no later than two years after the date of the enactment of the invoice.
Earlier this month, Senator Hassan referred to as on a number of federal companies, together with the Treasury Division, to handle the legal utilization of cryptocurrency, equivalent to cyberattacks. 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 strengthen U.S. competitiveness, our authorities should get a greater deal with on the position that cryptocurrency is taking part in in the worldwide financial system and the way it’s being leveraged by different nations.
“I’m glad to associate throughout the aisle with Senator Ernst to assist be certain that the Treasury Division stays on prime of using cryptocurrency, together with the way it can influence our provide chains,” she opined. The invoice may be discovered right here.
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