US lawmakers propose a ban on Chinese blockchain transactions!

U.S. Representatives Zach Nunn and Abigail Spanberger have introduced the Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act, which aims to prohibit federal government officials from conducting business with Chinese blockchain companies. The legislation would ban government employees from using the networks of Chinese blockchain or cryptocurrency trading platforms and would explicitly forbid transactions with iFinex, the parent company of USDT issuer Tether. The Act would also prohibit officials from conducting transactions with the Spartan Network, the Conflux Network, and Red Date Technology. The lawmakers state that this legislation would prevent foreign adversaries from accessing critical national security intelligence and Americans’ private information.