US Senators introduced legislation Requiring the Treasury Department to report on Global Use Of cryptocurrency

Two senators from the United States have presented a bipartisan measure to improve bitcoin supervision. The measure mandates that the Treasury Secretary provide a report to Congress on cryptocurrencies and their worldwide competitiveness, including how other nations use and mine them, as well as their implications for supply chains.

A new bill has been introduced to improve global oversight of cryptocurrency and its uses

Senators Maggie Hassan and Joni Ernst, both members of the Senate Homeland Security and Governmental Affairs Committee, presented bitcoin legislation on Monday.

“Force the finance minister to present a report to Congress on virtual currencies and global competitiveness,” the measure said. This bipartisan bill intends to “increase supervision of cryptocurrencies,” including “mining activities in other nations,” according to the senators.

Senator Hassan went on to say:

“The bill would require the Treasury Department to submit a report to Congress on virtual currencies and their use around the world, including how other countries are using and mining cryptocurrencies, as well as how cryptocurrency mining operations are affecting supply chains, including critical technologies such as semiconductors.”

The Attorney General, the Board of Governors of the Federal Reserve System, and other relevant government agencies will be consulted for the Treasury Secretary’s report. It must be presented no later than two years after the measure is signed into law.

Senator Hassan called on several government agencies, including the Treasury Department, to address illegal uses of cryptocurrencies, such as cyberattacks, earlier this month. Senator Janet Yellen urged for action against unlawful cryptocurrency use during her confirmation hearing for Treasury Secretary.

Senator Hassan made the following remark:

To improve the United States competitiveness, our government has to have a greater understanding of the role of cryptocurrencies in the global economy and how it is being used by other countries.

She stated,

“I’m pleased to work across the aisle with Senator Ernst to ensure that the Treasury Department remains on top of the usage of cryptocurrencies, particularly how it may influence our supply chains.”

The bill is available here.