Celsius

Spartan

Raise

Conflux

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/us-legislators-raise-concerns-over-tethers-china-ties-propose-ban-on-federal-officials-business/">US Legislators Raise Concerns Over Tether’s China Ties, Propose Ban on Federal Officials’ Business</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>In a recent legislative move, US lawmakers have set their sights on Tether’s parent company, iFinex, citing worries over its ties to Chinese securities. They propose a law to stop federal government officials from doing business with iFinex, aligning with the broader crackdown on Chinese blockchain companies.</p>
<h3 class="wp-block-heading" id="strong-tether-s-chinese-links-uncovered-strong"><strong>Tether’s Chinese Links Uncovered</strong></h3>
<p>U.S. Lawmakers are alarmed after learning that Tether, the issuer of the USDT stablecoin, had links to Chinese securities. They want to pass a law preventing government officials from engaging in any deals with iFinex.&nbsp;</p>
<p>The revelation comes after public documents from New York’s Attorney General <a href="https://coinpedia.org/news/tethers-u-turn-why-the-stablecoin-giant-is-back-in-the-lending-game/" rel="noopener noreferrer nofollow">disclosed</a> that Tether Holdings had held securities from Chinese companies in its reserves. Meanwhile, concerns are raised about supporting the USDT stablecoin, including loans to Chinese firms and Celsius Network.</p>
<p>Tether’s reserves, which included substantial short-term loans to Chinese firms and a significant loan to Celsius Network, sparked concerns about the assets supporting the USDT stablecoin.&nbsp;</p>
<p>While Tether previously denied involvement with China’s Evergrande Group’s debt, it had not disclosed its holdings in other Chinese securities. The US SEC has been closely monitoring Tether’s operations, mainly after reports surfaced in September about the discreet resumption of offering USDT stablecoin loans to customers.</p>
<h3 class="wp-block-heading" id="strong-crackdown-on-chinese-blockchain-entities-strong"><strong>Crackdown on Chinese Blockchain Entities</strong></h3>
<p>The proposed law targets Tether and extends its reach to <a href="https://coinpedia.org/news/despite-crypto-ban-china-remains-binances-largest-market-with-a-whopping-90-billion-volume-wsj-report/" rel="noopener noreferrer nofollow">Chinese cryptocurrency firms</a> and blockchain networks. It seeks to prohibit government officials from engaging in transactions with Chinese crypto entities and restrict government employees’ use of Chinese blockchain networks.&nbsp;</p>
<p>This legislative move directly impacts notable companies such as The Spartan Network, The Conflux Network, and Red Date Technology, which are actively involved in BSN projects and CBDc Digital Yuan.</p>
<h2 class="wp-block-heading" id="h-why-the-concerns"><strong>Why the Concerns?</strong></h2>
<p>Lawmakers are worried about <a href="https://nunn.house.gov/sites/evo-subsites/nunn.house.gov/files/evo-media-document/nunn-financial-technology-protection-act.pdf" rel="noopener noreferrer nofollow">potential risks</a> to national security and private information. They fear China’s influence in the cryptocurrency sector could create backdoors for foreign adversaries. As blockchain tech becomes more crucial in storing sensitive data, safeguarding national security and privacy is a top priority.</p>
<p>With the increasing role of blockchain technology in storing sensitive private data, China’s substantial investment in this infrastructure raises concerns about national security and data privacy.</p>
<p>This move reflects growing concerns in Washington about Chinese influence in the crypto world. As blockchain technology plays a more significant role in handling sensitive information, protecting national security becomes crucial.</p>

US Legislators Raise Concerns Over Tether’s China Ties, Propose Ban on Federal Officials’ Business

目录

CoinPedia News

发布于 2023年11月9日的其他文章

Bithumb achieves top score in FIU anti-money laundering compliance evaluation

Overwatch League Comes to an End as Blizzard Shifts Focus to Revitalized Esports Program

21Shares collaborates with ARK on digital asset ETF suite

Toncoin Trades At Its Highest Since 2022 – What Prompted The Surge?

Zircuit, New ZK Rollup Backed by Pioneering L2 Research Launches Public Testnet

Robinhood Expands Crypto Services to Europe Despite Revenue Drop

订阅我们免费的电子期刊，获取每日最新加密领域动态！