US Senators introduce new bill to track foreign crypto mining activity

The United States Senate is preparing legislation that will require the Treasury Department to submit a report to Congress on cryptocurrency usage across the globe.

US Senators introduce new bill to track foreign crypto mining activity

The United States Senate is preparing legislation that will require the Treasury Department to submit a report to Congress on cryptocurrency usage across the globe.

According to the bill, introduced by Democratic Senator Maggie Hassan (NH) and Republican Senator Joni Ernst (IA), the Secretary of the Treasury is tasked with commissioning a report that analyses cryptocurrency mining across the globe, with the help of other government offices.

Among the information included in the report should be information on the largest public and private cryptocurrency miners and their impacts on countries that participate in this activity. The bill states:

"The report will analyze how foreign countries use and mine crypto assets, including the largest users and miners of cryptocurrencies, foreign policies aimed at encouraging virtual currency use and mining, as well as how foreign use or mining of cryptocurrencies within their borders can strengthen or weaken their countries...

Moreover, crypto-mining trends over a six-year period, both nationally and internationally, should be included in the report.

To the greatest extent possible, the report identifies in the United States and overseas, as well as within the People's Republic of China and other countries the secretary of the Treasury deems relevant, the types and dollar value of virtual currencies mined for each the fiscal year from 2016 through 2022..."

Additionally, the Secretary of the Treasury's report should shed light on the impact of cryptocurrency mining on the supply chain.

In addition to identifying vulnerabilities, the report seeks to identify opportunities with respect to virtual currency mining operations, such as supply disruptions and technology availability.