US Senators Introduce Bill Requiring Treasury Department to Report on Cryptocurrencies and Their Use Worldwide – Regulation

Two US senators have introduced a bipartisan bill aimed at improving cryptocurrency oversight. The bill requires the Secretary of the Treasury to submit a report to Congress on cryptocurrencies and their global competitiveness, including how other countries use and mine them and their impact on supply chains.

New bill introduced to improve oversight of cryptocurrencies and their use worldwide

Senator Maggie Hassan, a member of the Senate Homeland Security and Governmental Affairs Committee, and Senator Joni Ernst introduced cryptocurrency legislation on Monday.

The The invoice explains that its purpose is to “require the Secretary of the Treasury to submit a report to Congress on virtual currencies and global competitiveness.” The senators described that this bipartisan bill aims to “improve cryptocurrency oversight,” including “overseas mining operations.”

Senator Hassan stated:

The bill would require the Treasury Department to report to Congress on virtual currencies and their use worldwide — including the use and mining of cryptocurrencies in other countries and the impact of cryptocurrency mining operations on supply chains, including for critical technologies such as semiconductors.

The Secretary of the Treasury's report shall be coordinated with the Attorney General, the Board of Governors of the Federal Reserve System, and other relevant government agencies. It must be submitted no later than two years after the date of adoption of the bill.

Earlier this month, Senator Hassan called on several federal agencies, including the Treasury Department, to address criminal uses of cryptocurrencies such as cyberattacks. During the confirmation hearing for Treasury Secretary Janet Yellen, the senator also pushed for action against the illegal use of cryptocurrency.

Senator Hassan commented:

To strengthen U.S. competitiveness, our government must get a better handle on the role of cryptocurrency in the global economy and its use by other countries.

“I am pleased to work with Senator Ernst to ensure that the Treasury Department stays on top of the use of cryptocurrency, including the impact on our supply chains,” she said. The invoice can be found Here.

What do you think about this bill that requires a crypto report from the Minister of Finance? Let us know in the comments section below.

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