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Senate Bill Seeks to Enhance Oversight of Foreign Cryptocurrency Mining Operations

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Sens. Maggie Hassan, D-N.H., and Joni Ernst, R-Iowa, have proposed a bill that would direct the Department of the Treasury to submit to Congress a report on virtual currencies and their global use as part of efforts to improve oversight of mining of cryptocurrencies overseas.

“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,” Hassan, a member of the Senate Homeland Security and Governmental Affairs Committee, said in a Sept. 27th statement.

The congressional report should assess how foreign countries use and mine virtual currencies; identify the dollar value and types of virtual currency mined for each of fiscal years 2016 through 2022 within the U.S. and abroad; and determine vulnerabilities, including those associated with supply chain disruptions involving semiconductors and other critical technologies.

In September, the Treasury announced the first sanctions designation against a virtual currency exchange for its role in facilitating transactions for threat actors involved in ransomware attacks.

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