U.S. Senators Initiate Tracking Down Crypto Miners Bill

2021-09-28 22:13:28
U.S. Senators Suggest Tracking All Crypto Activity

Amidst the ongoing US crypto craze, two U.S. Senators propose a crypto tracking legislation. Eventually, making it possible to track each and every crypto mining operation, globally. The two Senators who propose this new law are Maggie Hassan and Joni Ernst. However, it is expected that this notion will only gather more popularity as time goes by.

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 chainsMaggie Hassan | U.S. Senator - New Hampshire

This new legislation proposal will require the U.S. Treasury Department, in addition to other agencies, to track all crypto mining operations worldwide.

In addition to the Treasury, the Senators propose the following agencies: Attorney General, Federal Reserve, the Office of the Director of National Intelligence and U.S. Trade Representative.

Consequently, all of these regulators would eventually have the task to supervise and monitor several entities. In particular, how corporations, private entities and governments use cryptocurrencies.

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It’s Just Part of The Job Description

Moreover, as part of the job description, the agencies will also have to determine the total amount of mined crypto, between 2016 and 2022. Additionally, they are also to identify what cryptocurrencies were mined between that period of time.

For the time being, it is still not clear whether this investigation applies to PoW (Proof-of-Work) or PoS (Proof-of-Stake) mining or both.

The new legislation will also task the agencies to ‘identify vulnerabilities, including those related to supply disruptions and technology availability of the global microelectronic supply chain, and opportunities with respect to virtual currency mining operations.

At the moment there are only two U.S. Senators that publicly support and propose this crypto tracking idea. And more and more influential U.S. politicians are starting support the bill. However, it remains for us to wait and see how the U.S. government will handle and coordinate such an extensive operation. And if anyone will dare to publicly oppose this proposal.

 

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