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 supposed 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 international locations together with China.
As well as, Treasury can be required to look at the influence of cryptocurrency mining on provide chains for vital sources corresponding to semiconductors, the worldwide scarcity of which has prompted main disruptions in manufacturing for merchandise together with cars.
“As a way to strengthen U.S. competitiveness, our authorities should get a greater deal with on the function that cryptocurrency is enjoying within the international economic system and the way it’s being leveraged by different international locations,” Hassan stated in an announcement Monday.
“I’m glad to accomplice throughout the aisle with Senator Ernst to assist be sure that the Treasury Division stays on high of the usage of cryptocurrency, together with the way it can influence 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 bundle in August.
Cryptocurrency markets have additionally come beneath scrutiny resulting from escalating ransomware assaults, with cyber criminals usually utilizing these markets to facilitate funds from victims.
Current ransomware assaults have included these on Colonial Pipeline and JBS USA, with each corporations selecting to pay the ransom in bitcoin, although the vast majority of the funds paid by Colonial were 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 change final week because of the cryptocurrency change SUEX OTC allegedly facilitating ransomware assault funds.
China’s central financial institution went one step additional final week when it ruled all cryptocurrency transactions unlawful resulting from safety considerations and the usage of cryptocurrency exchanges in felony actions.
Hassan earlier this month sent letters to a number of federal businesses detailing her considerations round the usage of cryptocurrency markets to facilitate felony acts, together with for ransomware assault funds.
“The anonymity supplied by cryptocurrency has helped facilitate its use by criminals in a myriad of how,” Hassan wrote within the letters. “These makes use of embody drug gross sales over the darkish internet, funds for ransomware assaults, tax evasion, financing for terrorism and arranged crime, cash laundering, and extra.”