Reserve

Chair

Spartan

Conflux

<div class="cryptonews">
 <p class="is-style-lead">U.S. Representatives Zach Nunn and Abigail Spanberger have introduced the CLARITY Act of 2023, a bill aimed at prohibiting <a rel="noopener noreferrer nofollow" title="federal" href="https://thebittimes.com/tag/federal.html">federal</a> officials from transacting with Chinese <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> companies to safeguard national security interests.</p>
 <p>In a bipartisan initiative, Representatives Zach Nunn and Abigail Spanberger introduced the Creating Legal Accountability for Rogue Innovators and Technology Act of 2023, commonly known as the CLARITY Act.</p>
 <p>This proposed legislation targets a very contemporary issue: The engagement between U.S. <a rel="noopener noreferrer nofollow" title="federal" href="https://thebittimes.com/tag/federal.html">federal</a> officials and Chinese <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> entities. If enacted, the act will unequivocally prohibit <a rel="noopener noreferrer nofollow" title="federal" href="https://thebittimes.com/tag/federal.html">federal</a> government employees from using Chinese <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> networks and from transacting with certain Chinese companies, including iFinex—the parent company of Tether, a well-known cryptocurrency stablecoin issuer.</p>
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    <p lang="en" dir="ltr">So this new “Clarity Act” would mean the US government employees won’t be able to hold #Ethereum right??? It’s a Chinese blockchain company right @ethereumJoseph and @VitalikButerin?#Crypto #ETHGATE pic.twitter.com/FuS14UbQtc</p>— Micah XRPSEC (@MicahPW20) November 9, 2023
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 <p>The ban extends to interactions to the Spartan Network, the Conflux Network and Red Date Technology, highlighting the legislation’s comprehensive scope. The rationale behind the act is rooted in national security concerns, with an emphasis on preventing potential adversaries from accessing sensitive United States intelligence and private data.</p>
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 <p>The CLARITY Act emerges in the wake of revelations about Tether’s financial entanglements with Chinese firms. Recent reports have pointed out that Tether’s reserves included securities from state-owned Chinese enterprises and substantial loans to Chinese companies.</p>
 <p>The disclosure of these connections, which Tether had not previously acknowledged, especially regarding the debt of other Chinese firms, adds layers of complexity to the discussions about the assets that back its stablecoin.</p>
 <p>The Securities and Exchange Commission (SEC) is also keeping a watchful eye on Tether’s activities. Notably, there have been allegations that Tether privately provided loans in its USDT stablecoin, contradicting earlier assurances to the contrary.</p>
 <p>With the introduction of the CLARITY Act, <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a> are signaling a stringent stance on the intersection of cryptocurrency and national security, reflecting Washington D.C.’s intensified scrutiny over the influence of Chinese companies in the crypto sector.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> U.S. Treasury urges Congress to act against crypto abuse
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-lawmakers-establish-clarity-act-to-shutdown-federal-ties-to-chinese-blockchain-tbt69753.html">https://thebittimes.com/u-s-lawmakers-establish-clarity-act-to-shutdown-federal-ties-to-chinese-blockchain-tbt69753.html</a></p>

U.S. lawmakers establish CLARITY Act to shutdown federal ties to Chinese blockchain

TheBitTimes

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