US Senator Announces Law To Prosecute Foreign Crypto Mining

Recently two US Senators announced New bipartisan bill aimed at improving oversight of foreign cryptocurrency mining facilities.

New Bill to Track Foreign Cryptocurrency Mining Activities

Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) have teamed up to propose a new bill on September 27th aimed at prosecuting foreign cryptocurrency miners. The bill requires the ministry’s finance minister to submit a report to Congress on crypto and global competitiveness. These reports provide details on how foreign countries use and mine cryptocurrencies. Also, how these activities affect the supply chain of superconductors and computer chips.

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The Democratic US Senator Maggie Hassan

The bill also requires the exchange of information with a number of committees, including the Agriculture, Food and Forestry Commission, the Banking, Housing and Urban Development Committee, and the Finance Committee, among others.

In a recent press release, Senator Hassan said the bill was introduced to make the United States more competitive. It then confirms the role of the government in getting a grip on the regulations surrounding cryptocurrencies in the global economy and outlines the way forward for other countries.

“I’m excited to be working with Senator Ernst on several fronts to ensure that the Treasury Department is at the forefront of the use of cryptocurrencies, including how they can affect their supply chain. I. “

However, this is not the first time Senator Hassan has focused on issues related to the crypto market. Earlier, the senator mentioned cybersecurity.

On September 17, after meeting with state and local officials in New Hampshire, she released a statement on the matter to discuss the importance of cybersecurity. The meeting came after it became known that cyber criminals had targeted the city of Peterborough. $ 2.3 million was stolen from people in this August 2021 attack. A local school said it did not receive monthly transfers of $ 1.2 million from the city. This caught public attention and it was later found that the city had been hit by an email attack.

“We know what happened in Peterborough will continue and we must do everything in our power to help communities get the tools they need to fight cybercrime. The ultimate goal is still to protect their online system, “said Hassan.

Senator Hassan also saw a bill that was passed by the Senate. State and local Cyber ​​Security Enhancement Act will approve a new DHS funding program to combat cyberattacks. If a bill were signed, it would provide nearly $ 1 billion in funding.

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