By Shelly Melancon (Switzerland)
Two United States Senators have reportedly introduced a new bill aimed at enhancing reporting in cryptocurrencies. The bill demands that the United States Treasury hand over reports on digital assets to Congress, assessing their competitiveness and how other countries are utilizing and mining them.
In addition, the Treasury would report their benefits on supply chains and the traditional financial structure. The legislation was introduced on Monday by two Senators – Maggie Hassan and Joni Ernst.
The Bill Will Improve Monitoring of Cryptos and Their Uses
Senator Hassan and Ernst stated that the bill would improve crypto monitoring and get reports on its uses, worldwide competitiveness, and mining operations. Senator Hassan described the bill as something “Important” that would benefit the United States and bring it up to speed to match global economies. The senator said that through reporting, the country would be kept abreast with recent happenings and understand the impact of the cryptos on vital technologies like semiconductors.
The report on cryptocurrency will be consulted with the Attorney General, the Board of Governors of the Federal Reserve System, and the other pertinent government establishments. However, the reports will not be submitted two years after the bill has been enacted.
Senator Hassan Calls on Relevant Bodies to Address Cyber Crimes on Cryptocurrency
Earlier this September, Senator Hassan called on the attention of agencies and the Treasury to address the various crimes going on in the crypto world. During the hearing for new Treasury Secretary Janet Yellen, Hassan asserted that the various agencies need to take action against illegal crypto use to strengthen the competitiveness of the United States.
Hassan reiterated that the government must find out the role digital assets play in the world economy and how other nations have leveraged them for the betterment of their economies. She expressed happiness in partnering with her colleague Senator Ernst on the bill, saying that they would ensure that the Treasury stays on top of the cryptocurrency reporting together.
The latest bipartisan bill comes after the Infrastructure bill was introduced to Congress in June. The Infrastructure bill, which has a provision for crypto reporting, was heavily criticized for not defining certain terms clearly. Republican Senator Pat Toomey called on the Senate and SEC to set the records straight and clarify the terms. However, the bill has not been debated upon, and almost as if it has gone down the drain.
Earlier this month, the SEC, the Treasury, and other financial institutions held different meetings to discuss regulating stablecoins. The Treasury stated last week that it would soon publish its resolution on the matter.
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