A bill to require the Secretary of the Treasury to submit to Congress a report on virtual currencies and global competitiveness.
Bill: S.2864 | Sponsor: Sen. Hassan, Margaret Wood (D-NH)
Policy area: Foreign Trade and International Finance

Summary:
This bill directs the Department of the Treasury to submit a report to Congress on virtual currencies and their global use. The report must (1) assess how foreign countries use and mine virtual currencies; (2) identify, to the greatest extent practicable, the types and dollar value of virtual currency mined for FY2016-FY2022 within the United States and globally; and (3) identify vulnerabilities and opportunities with respect to virtual currency mining operations.

To require the Secretary of the Treasury to submit to Congress a report 
           on virtual currencies and global competitiveness.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. VIRTUAL CURRENCIES AND THEIR GLOBAL USE.

    (a) Report.--Not later than 2 years after the date of enactment of 
this Act, the Secretary of the Treasury, in consultation with the 
Attorney General, the United States Trade Representative, the Board of 
Governors of the Federal Reserve System, the Office of the Director of 
National Intelligence, and any other agencies or departments that the 
Secretary of the Treasury determines are necessary, shall submit to the 
Committee on Agriculture, Nutrition, and Forestry, Committee on 
Finance, the Committee on Banking, Housing, and Urban Affairs, the 
Committee on Foreign Relations, and the Committee on the Judiciary of 
the Senate and the Committee on Agriculture, the Committee on Ways and 
Means, the Committee on Foreign Affairs, the Committee on the 
Judiciary, and Committee on Financial Services of the House of 
Representatives a report on virtual currency and their global use, 
which shall--
            (1) assess how foreign countries use and mine virtual 
        currencies, including identifying the largest state and private 
        industry users and miners of virtual currency, policies foreign 
        countries have adopted to encourage virtual currency use and 
        mining, and how foreign countries could be strengthened or 
        undermined by the use and mining of cryptocurrencies within 
        their borders;
            (2) identify, to the greatest extent practicable, the types 
        and dollar value of virtual currency mined for each of fiscal 
        years 2016 through 2022 within the United States and globally, 
        as well as within the People's Republic of China and within any 
        other countries the Secretary of the Treasury determines are 
        relevant; and
            (3) 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.
    (b) Classified Annex.--The report required under subsection (a) 
shall be submitted in unclassified form, but may contain a classified 
annex.
                                 <all>