The new US bill formulated by the Senators requires the treasury to report on crypto and its use globally. Its main aim is to understand how other countries are using crypto and how its mining is affecting others. From supply chains to any other deep impacts that crypto or its mining causes needs to be reported under this new bill. It has been presented by two US senators under a partnership to understand crypto much better.
More about the new bill
The new bill on cryptocurrencies was passed on Monday by Maggie Hassan, senator of the homeland security and governmental affairs committee. It was also supported by senator Joni Ernst. This new bill clearly states that the secretary of the treasury needs to submit a report to congress on virtual currencies and what things are happening globally. It will also take a deeper look at the mining operation and how things function on a global scale.
Talking about the new bill Maggie Hassan said, “The bill would require the Treasury Department to report to Congress on virtual currencies and their use globally – including how other countries are using and mining cryptocurrencies, and how cryptocurrency mining operations are impacting supply chains, including for critical technologies like semiconductors.”. This report submitted by the treasury will be in accordance with the attorney general, board of governors and the federal reserve system and shall be submitted within 2 years of the bill getting passed.
The good part
The fact that a new bill is passed to better understand crypto is a great thing. We should realise that the authorities are taking steps to better understand crypto so the US isn’t left behind. If they think reports on what other countries are doing, will help, then so be it. It is also great to see that different parts of the government and the state are working together on this. After all, if the treasury doesn’t oblige to make the reports then things won’t work out for the senators.
What are your thoughts on the New US bill that requires treasury to report on crypto? And do you think this will help the US innovate in the crypto industry? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.