U.S. Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) have introduced a bipartisan bill whose purpose is to get America up to speed with cryptocurrency regulations around the world, Politico reports.
The legislation would require the U.S. Treasury Department to report on the state of the crypto regulatory landscape around the globe.
In her statement, Hassan claims that the Treasury has to gain a better understanding of how the novel asset class is impacting global finance.
She also called attention to the security risks posed by crypto, particularly mentioning supply chains in the wake of recent cybersecurity attacks on Colonial Pipeline and meat producer JBS:
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.
Ultimately, the purpose of the cryptocurrency bill is to gain more knowledge about cryptocurrency before moving forward with specific regulations.Last week, the Treasury Department sanctioned Russia-linked cryptocurrency exchange Suex for assisting cybercriminals in laundering Bitcoin payments received from victims.
Earlier this month, the Biden administration also met with representatives of the cryptocurrency industry in order to discuss stablecoins.