U.S. House Bill Proposes Ban on Government Use of Chinese-Made Blockchain and Tether’s USDT

U.S. lawmakers on Wednesday introduced a bill that would ban federal officials from doing business with Chinese blockchain companies. The bill also explicitly prohibits U.S. government officials from trading with iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin USDT. The Creating Legal Accountability for Rogue Innovators and Technologies (CLARITY) Act, co-led by U.S. Reps. Zach Nunn and Abigail Spanberger, would ban government officials from dealing with Chinese crypto companies and, among other things, cut off government employees. Access to China’s blockchain, or the network that powers crypto trading platforms. The purpose of this latest legislation is to ensure that the nation's "foreign hostile powers have no back door to access critical national security intelligence and Americans' private information," lawmakers said in a statement. The bill also bans officials from dealing with Spartan Network, Conflux Network and Red Date Technology Co., the architect of China’s national blockchain project and its central bank digital currency (CBDC), or digital yuan. (Coindesk)