Senators call for a Treasury study on mining with new bill

Two U.S. senators want the Treasury Department to take a closer look at crypto mining across the world — and they want the office to share its findings with Congress.

Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) introduced a bill Monday that would require the Treasury to craft a crypto report for Congress in the two years after enactment. The focus would be on global mining operations and their impact on supply chains, especially for certain technological industries, like semiconductors.

The study would also assess the political frameworks mining-intensive countries use for the industry. To compare, the study would also assess the types and dollar values of cryptocurrency mined within American and Chinese borders from 2016 to 2022, as well as any other countries the Treasury finds relevant.

The goal is to increase the U.S.'s global competitiveness, and Hassan says crypto is critical to keeping the U.S. on the cutting edge.

“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,” said Hassan in an announcement today.