Senator Maggie Hassan (D-NH) and Joni Ernst (R-IA) teams up together to introduce the bill on Sept. 27. Notably, This new bill will monitor the foreign crypto miners.
Also, The bill requires the Secretary of the Treasury to send in reports on digital currencies. Also, on the global competitiveness with the Congress.
Additionally, there will be reports detailing on foreign countries and how there use of mining cryptocurrency. More so, explaining how the operations affect supply chains such as superconductors and computer chips.
Furthermore, The bill requires information from other committees like on Agriculture, Nutrition and Forestry. Also, the Committee on Banking, Housing and Urban Affairs, and the Committee on Finance among others.
Senator Hassan while reporting the bill mentions
“In order to strengthen U.S. competitiveness, our government must get a better handle on the role…”
“…that cryptocurrency is playing in the global economy and how it is being leveraged by other countries.”
Hassan talks more extensively
“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 chains.”
Cybercriminals, Hassan’s Target
Notably, This is not the first time Hassan is addressing cybersecurity in the cryptocurrency market. As this recent project is crypto mining. Previously, the Senator made talks on cybersecurity.
On Sept. 17 Hassan talks in a meeting with state and local officials in New Hampshire. Addressing the importance of cybersecurity, due to the then news cybercriminals targeting the town of Peterborough.
In August 2021, the attack sees $2.3 million missing from residents and taxpayers. A local school made reports of not receiving a $1.2 million monthly transfer from the town.
“We know that what happened in Peterborough will happen again,…”
“…and we must do everything we can to give our communities the tools that they need to defend against cybercriminals….”
“…in order to protect their online systems – and in turn, taxpayer dollars,”
said Hassan after the theft.
Conclusively, Senator Hassan has a success records of bills passing by the Senate. While, The State and Local Cybersecurity Improvement Act authorizes a new grant program at the DHS for combatting cyberattacks.
Once it goes into law, it will make provisions for a whopping nearly $1 billion in funding.