US Bill to Improve Oversight of Crypto Mining in Foreign Countries

U.S. Senators Maggie Hassan (D-NH), a member of the Homeland Security and Governmental Affairs Committee, and Joni Ernst (R-IA) have introduced a bipartisan legislation to improve oversight of cryptocurrency mining operations in foreign countries.

The bill would require the Treasury Department to report to Congress on how foreign countries use and mine cryptocurrencies, including their impact on supply chains of semiconductors

“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,” said Senator Hassan. “I’m glad to partner across the aisle with Senator Ernst to help ensure that the Treasury Department stays on top of the use of cryptocurrency, including how it can impact our supply chains.”

The bill comes at a time where cryptocurrencies and in particular Bitcoin have entered the arena of geopolitics. While China has recently outlawed Bitcoin mining due to power shortages, other countries have started mining as a state policy or have announced their intention to do so, including Pakistan, Kazakhstan, Iran and Belarus.

Reference:

  1. Press release by Senator Hassan: https://www.hassan.senate.gov/news/press-releases/senator-hassan-introduces-bipartisan-bill-to-improve-oversight-of-cryptocurrency-mining-operations-in-foreign-counties
  2. Bitcoin Geopolitics subreddit: https://www.reddit.com/r/BitcoinGeopolitics

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