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FILE – An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It’s the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations.
Gov. Doug Burgum says a crypto mining company is planning to redevelop a northeastern North Dakota anti-ballistic missile site abandoned in the 1970s into data center that may be used for the mining of bitcoin and other digital currencies. Bitzero announced last month that it planned to make North Dakota its headquarters for North American operations. The company says within three years it intends to build 200 megawatts of data centers in the state and is involved in a joint venture to become an assembly and distribution hub for graphene battery technology. Bitzero is backed by strategic investor and “Shark Tank” star Kevin O’Leary.
After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress. Lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry. A proposal Wednesday from Democratic Sen. Debbie Stabenow of Michigan and Republican Sen. John Boozman of Arkansas would hand the regulatory authority over Bitcoin and Ether to the Commodities Futures Trading Commission. Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the Securities and Exchange Commission.
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