Two U.S. senators have filed a new bill to track down foreign cryptocurrency miners. Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) collaborated on the bill’s introduction on September 27.
The bill would compel the Secretary of the Treasury to provide Congress with reports on digital currencies and global competitiveness. These reports would include information on foreign countries and how they use and mine cryptocurrencies. Furthermore, how these processes impact supply chains such as superconductors and computer chips.
The proposed bill also requires exchange of information with various committees, including the Agriculture, Nutrition, and Forestry Committee, the Banking, Housing, and Urban Affairs Committee, and the Finance Committee, among others.
Senator Hassan stated in a press release about the measure, “In order to boost US competitiveness, our government must get a better hold on the role that cryptocurrency is playing in the global economy and how it is being leveraged by other countries.”
“I’m delighted to work across the aisle with Senator Ernst to assist ensure that the Treasury Department stays on top of the use of cryptocurrency, including how it can disrupt our supply chains,” Hassan continues.
Senator Hassan, on the other hand, was not the first to raise concerns about the bitcoin industry. While this most recent example centred on cryptocurrency mining, the Senator has before mentioned cybersecurity.
Furthermore Senator Hassan has already had a bill passed by the Senate. The State and Local Cybersecurity Improvement Act will create a new grant programme at the Department of Homeland Security targeted to combating cyberattacks. It would give roughly $1 billion in funds if enacted into law.