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    <p>A new bipartisan bill introduced on Wednesday would ban US government officials from using China-based crypto companies, China’s digital yuan, and prevent them from using the world’s largest stablecoin, Tether (USDT).</p>
    <p>The Creating Legal Accountability for Rogue Innovators and Technology Act (CLARITY) seeks to ensure that the country’s “foreign adversaries… do not have a backdoor to access critical security intelligence and Americans’ private information,” according to the bill’s creators (via CoinDesk). US Representatives Zach Nunn (R-Iowa) and Abigail Spanberger (D-Va.) introduced the bill on Wednesday.</p>
    <p>If passed, CLARITY would block government officials from conducting b<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>iness with iFinex, Tether’s parent company. The bill comes amid growing awareness that the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> ind<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>try is dependent on China. As Protos recently reported, China has generated more revenue for the world’s largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="firms" href="https://thebittimes.com/tag/firms.html">firms</a> than any other country — including Tether, Bitmain, Canaan, Binance, OKCoin, Huobi, OKX, Ebang, and many more.</p>
    <p>Even when companies leave China, they soon sneak back in due to the lure of lucrative business. Binance still earns one-fifth of its business from China, for example.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
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       Tether’s history with China goes far beyond commercial paper
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Tether’s history with China goes far beyond commercial paper” — Protos" src="https://protos.com/tether-china/embed/#?secret=mXxEt3FVb9#?secret=LJmP02sF9Y" data-secret="LJmP02sF9Y" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Like it or not, crypto depends on China</em></p>
    <p>American lawmakers are becoming increasingly aware of the crypto industry’s dependence on China — and are now taking steps to counteract the risks. CLARITY comes at a pivotal moment, as China’s struggling economy can have serious knock-on effects on the crypto industry. The bill would require the US Secretary of the Treasury, Secretary of State, and the Director of National Intelligence to come up with a plan to counteract risks posed by the development of blockchain tech by foreign adversaries.</p>
    <p>“Within the next decade, every American will have sensitive, private data stored using blockchain technology, so China’s heavy investment in this infrastructure poses a colossal national security and data privacy problem,” Nunn said on Wednesday.</p>
    <p>Along with banning Tether, the bill would also block officials from using The Spartan Network, The Conflux Network, and the architect behind China’s national blockchain project, Red Date Technology Co.</p>
    <p>However, CLARITY is far from passing. Neither Nunn or Spanberger hold significant sway in the <a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a> Ho<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>e of Representatives, and their more established peers are already vying for their own <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> legislation to pass. It’s unlikely that this bill will enter law for the foreseeable future, if at all.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-lawmakers-want-to-ban-tether-and-chinese-crypto-firms-tbt69659.html">https://thebittimes.com/us-lawmakers-want-to-ban-tether-and-chinese-crypto-firms-tbt69659.html</a></p>

US lawmakers want to ban Tether and Chinese crypto firms

TheBitTimes

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