A new U.S. bill aims to monitor foreign crypto mining 

U.S. Senators Maggie Hassan and Joni Ernst have collaborated to introduce a bill that would require the Secretary of the Treasury to share reports regarding digital currencies with Congress. 

The Secretary is required to report how foreign countries are using cryptocurrencies and how they are operating their crypto mining. The effects of these crypto-related activities in the global supply of computer chips and superconductors are also required to be included in the report. 

The bill also requests information sharing between the Committee on Banking, Committee on Finance, Nutrition and Forestry, and Committee on Agriculture. 

Strengthen competitiveness

“In order to strengthen U.S. competitiveness, our government must get a better handle on the role that cryptocurrency is playing in the global economy and how it is being leveraged by other countries,” Senator Hassan said. 

She has also expressed her gratitude towards Senator Ernst’s support of the bill and said that this initiative would ensure that the Treasury Department could better oversee the rapid growth and unpredictable movements of cryptocurrencies.

Crypto and cyber security

Senator Hassan is known for raising awareness on some of the United State’s most pressing issues and her crypto bill is one such example. 

She has also dealt previously with the country’s cybersecurity issues and initiated discussions on how the country can better improve its cybersecurity measures and protect its citizens from cyber attacks. 

This was a timely discussion as the town of Peterborough was hit by a cyberattack that funneled $2.3 million from residents. This was discovered when a school reported that it had not received its $1.2 million monthly budget from the town. 

The Senator said that she is certain that this kind of attack will happen in Peterborough as hackers have already discovered that the town possesses weak cyber protection. She said that the town must be provided with cybersecurity tools to better protect itself from future cyber attacks. 

 

Image courtesy of Cointelegraph News/YouTube

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