Sens. Maggie HassanMargaret (Maggie) HassanKoch-backed group launches 7-figure ad blitz opposing .5T bill Overnight Hillicon Valley — Majority supports national data privacy standards, poll finds Senator calls on agencies to take action to prevent criminal cryptocurrency use MORE (D-N.H.) and Joni ErnstJoni Kay ErnstOvernight Defense & National Security — Presented by AM General — Afghan evacuation still frustrates Bipartisan momentum builds for war on terror memorial GOP senators unveil bill designating Taliban as terrorist organization MORE (R-Iowa) launched laws Monday meant to extend oversight of cryptocurrency mining abroad.
The bill would require the Treasury Division to compile and undergo Congress a report on how nations are utilizing and mining cryptocurrency, together with how a lot cryptocurrency has been mined since 2016 inside each the U.S. and nations together with China.
As well as, Treasury could be required to look at the affect of cryptocurrency mining on provide chains for vital assets reminiscent of semiconductors, the worldwide scarcity of which has precipitated main disruptions in manufacturing for merchandise together with vehicles.
“To be able to strengthen U.S. competitiveness, our authorities should get a greater deal with on the function that cryptocurrency is taking part in within the world financial system and the way it’s being leveraged by different nations,” Hassan mentioned in an announcement Monday.
“I’m glad to associate throughout the aisle with Senator Ernst to assist be certain that the Treasury Division stays on prime of the usage of cryptocurrency, together with the way it can affect our provide chains,” she added.
Considerations round cryptocurrency regulation have elevated on Capitol Hill in current months, with debate over cryptocurrency-related amendments delaying the Senate’s $1 trillion infrastructure package deal in August.
Cryptocurrency markets have additionally come underneath scrutiny as a consequence of escalating ransomware assaults, with cybercriminals typically utilizing these markets to facilitate funds from victims.
Latest ransomware assaults have included these on Colonial Pipeline and JBS USA, with each firms selecting to pay the ransom in bitcoin, although the vast majority of the funds paid by Colonial have been recovered by the Justice Division.
Consequently, the federal authorities has taken motion, with the Justice Division issuing its first sanctions towards a digital foreign money alternate final week as a result of cryptocurrency alternate SUEX CO allegedly facilitating ransomware assault funds.
China’s central financial institution went one step additional final week when it ruled all cryptocurrency transactions unlawful as a consequence of safety issues and the usage of cryptocurrency exchanges in prison actions.
Hassan earlier this month sent letters to a number of federal companies detailing her issues round the usage of cryptocurrency markets to facilitate prison acts, together with for ransomware assault funds.
“The anonymity supplied by cryptocurrency has helped facilitate its use by criminals in a myriad of the way,” Hassan wrote within the letters. “These makes use of embrace drug gross sales over the darkish net, funds for ransomware assaults, tax evasion, financing for terrorism and arranged crime, cash laundering, and extra.”