US senators are asking the Treasury Department to examine cryptocurrency mining

Two US Senators, Maggie Hassan and Joni Ernst, want the Treasury Department to consider a closer appear at cryptocurrency mining. At the identical time, they also want the company to share its study with Congress.

On Monday, Sept. 27, two senators, Maggie Hassan and Joni Ernst, presented a bill that would propose that the U.S. Treasury Department put together a cryptocurrency report to Congress. The target will be on international cryptocurrency mining and its influence on provide chains, notably for specific technologies sectors, this kind of as semiconductors.

Furthermore, this examine will also assess the policy frameworks that nations are heavily applying to this sector. For comparison, the examine will also assess the styles and values ​​of cryptocurrencies mined inside of the US-China border among 2016 and 2022, as very well as any other nation exactly where the Treasury Department deems it pertinent.

The most significant purpose is to raise the international competitiveness of the United States. At the identical time, Senator Maggie Hassan also pointed out that cryptocurrencies perform a quite significant function in assisting the United States keep its major place.

“To strengthen the competitiveness of the United States, our government needs to better manage the role of cryptocurrencies in the global economy. At the same time, they also need to understand how it is used by other countries,” stated Maggie Hassan.

Meanwhile, the United States’ most significant financial counterweight in excess of the many years, China, is stepping up its crackdown on cryptocurrencies, such as trading and mining. On September 24, the PBoC declared all cryptocurrency transactions in China “illegal”.

Subsequently, the nation continued to activate the firewall to stop persons from accessing CoinMarketCap and CoinGecko, the two major cryptocurrency information web sites these days.

Cryptocurrency mining in China also had to result in a stir once again when a series of substantial “mining pools” announced they would suspend operations. More not too long ago, BeePool, the fourth greatest Ethereum mining pool in the planet, has also followed in the footsteps of its “seniors” to announce a short-term closure because October.

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