A bill has been prepared by two lawmakers which focuses on improving and enhancing the supervision over virtual currencies. However, the draft bill specifically requires US Treasury Department to carry out a thorough study with regard to virtual assets. A thorough study will require examining other states where crypto is in use as well as ascertaining crypto competitiveness in the global market. The compiled data will then be reported directly to Congress for further determination.
With the collective efforts of Senator Maggie Hassan and Senator Joni Ernst, a bill on the subject of crypto has been introduced. The underlying theme of the draft bill is to seek certain information from US Treasury’s Secretary which will then be sent to Congress. The information proposed to be sought is regarding cryptocurrencies and their use in the rest of the world. However, the Treasury Department will make the determination on the matter of crypto competitiveness in the world.
According to author Senators, the draft bill is crucial for improving and enhancing the current crypto regulatory framework. In addition, both claim that through the bill, even the process of crypto mining at the global level can also be improved. For instance, the bill describes its purpose to seek a report from Treasury Secretary regarding cryptocurrencies and their competitiveness in global market.
Senator Hassan, who is also a member of the Government Affairs Committee, said that the bill is a way forward in the right direction. It is essential for Congress to learn from other states how they are using virtual assets and how crypto mining is executed there. In addition, Congress needs to know how the supply chain is impacted upon by the usage and mining of these virtual assets in other countries.
The bill also suggests that the report required from Treasury shall be compiled primarily with the consultation of the Attorney General’s Office. Other consultations will also be sought particularly from the Federal Reserve System’s BoG and any other relevant public functionary. However, against the submission of the Treasury report, the bill also provides a deadline of 24 months i.e. two years’ time. The deadline period will commence subject to the passing of the bill.
Previously, Senator Hassan has summoned heads of federal agencies which also included officials from the Treasury Department. All of them were called upon for the purposes of addressing the issues caused by criminal activities involving crypto. They specifically discussed the growing concern of ransomware and hack attacks. When the confirmation hearing in the Senate was held, even Janet Yellen, Treasury Secretary, also stressed upon the need of taking actions.
Senator Hassan also appreciated the colleague Senator who had helped Hassan in preparing the draft legislation. She stated that the bill, if passed, will assist Treasury to better understand the crypto usage in the US.