U.S. Concerns About China’s Digital Currency Attack Increase
The US Director of National Intelligence wrote a letter to the Securities and Exchange Commission (SEC) on concerns that China’s dominance in the digital currency area could put the United States at a disadvantage.
The Washington Examiner newspaper reported on Tuesday that John Ratcliffe wrote a letter to SEC Chairman Jay Clayton in early November to force the agency to introduce rules to make businesses in the US more competitive.
Ratcliffe is said to raise the fact that more than half of its global cryptocurrency mining power is based in China, and that the People’s Bank of China is developing the national digital currency.
Ratcliffe reportedly offered senior economic intelligence officials to inform Clayton about the problems. The newspaper also said the SEC did not immediately respond to Clayton’s question asking whether he would accept the briefing.
Ratcliffe also said he had attached a copy of a letter to Clayton, sent by US Senator Tom Cotton over the summer, stating the need for “clarification of policy” and formal guidance on digital currencies.
Clayton will step down from the SEC role later this year.