The US intelligence community’s top official told the Securities and Exchange Commission that he was concerned about the influence the Chinese Communist Party has on digital currencies, according to a Washington Examiner report.
“Cryptocurrency, central bank digital currency, and e-cash are all being drawn into a multifront global competition against Beijing for leadership of the world’s economy, prompting pushback from the Trump administration reminiscent of how the government reacted to Chinese telecom giant Huawei managing to dominate much of the fifth-generation wireless technology market worldwide. Meanwhile, experts and industry leaders are worried that China is leaving the United States behind in the digital currency race,” the report said.
The right-leaning paper said it learned that John Ratcliffe, the director of national intelligence, sent a letter to SEC Chairman Jay Clayton earlier this month expressing his concerns about China’s sway over digital currency, as more than half the world’s crypto mining operations are located there, and China is rolling out the digital yuan, the world’s first central bank digital currency.
Ratcliffe offered to have senior economic intelligence officials brief Clayton on the matter.