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US Intelligence Chief Raises Concerns With SEC Over China's Crypto Dominance: Report
U.S. intelligence chief John Ratcliffe was reportedly seeking clearer regulation around digital currency.
The U.S. Director of National Intelligence has written to the Securities and Exchange Commission (SEC) over fears China's dominance in the area of digital currencies could put the U.S. at a disadvantage.
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- According to the Washington Examiner on Tuesday, John Ratcliffe wrote to SEC Chairman Jay Clayton earlier in November in an effort to push the agency to bring in rules that would allow U.S. businesses to be more competitive.
- Ratcliffe is said to have raised the fact that over half of the global cryptocurrency mining power is based in China, and that the People's Bank of China is already developing its national digital currency.
- Ratcliffe reportedly offered to have senior economic intelligence officials brief Clayton on the issues.
- The Examiner said the SEC did not respond immediately to its question asking if Clayton will accept the briefing.
- Ratcliffe is also said to have attached a copy of a letter sent Clayton by U.S. Sen. Tom Cotton (R-Ark.) in the summer stating the need for "clearer articulation of policy" and formal guidance on digital currencies.
- Clayton will step down from his SEC role at the end of this year.
See also: Coinbase Will Suspend All Margin Trading Tomorrow, Citing CFTC Guidance
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics.
Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
