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.
ExecutiveBiz, sister site of GovConDaily and part of the Executive Mosaic digital media umbrella, will host a virtual event about securing the supply chain on Oct. 26. Visit ExecutiveBiz.com to sign up for the “Supply Chain Cybersecurity: Revelations and Innovations” event.
