New cryptocurrency bill on the block

Sens. Maggie Hassan (D-N.H.) and Joni Ernst (R-Iowa) introduced legislation Monday intended to increase oversight of cryptocurrency mining overseas.

Do some digging: The bill would require the Treasury Department to compile and submit to Congress a report on how nations are using and mining cryptocurrency, along with how much cryptocurrency has been mined since 2016 within both the U.S. and countries including China.

In addition, Treasury would be required to examine the impact of cryptocurrency mining on supply chains for critical resources such as semiconductors, the global shortage of which has caused major disruptions in production for products including automobiles.

“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 said in a statement Monday. “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,” she added.

Concerns around cryptocurrency regulation have increased on Capitol Hill in recent months, with debate over cryptocurrency-related amendments delaying the Senate’s $1 trillion infrastructure package in August.

Ransomware concerns: Cryptocurrency markets have also come under scrutiny due to escalating ransomware attacks, with cybercriminals often using these markets to facilitate payments from victims.