US Intelligence Chief Raises Concerns With SEC Over China’s Crypto Dominance: Report

The US director for national intelligence has written to the Securities and Exchange Commission (SEC) fearing that China's dominance in digital currencies could put the US at a disadvantage.
According to the Washington Examiner, John Ratcliffe wrote to SEC chairman Jay Clayton on Tuesday in early November to encourage the agency to put in place rules that would enable US companies to become more competitive.
Ratcliffe is reported to have pointed out that more than half of the world's 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 brief senior officials from Clayton Commercial Intelligence on the issues.
The investigator said the SEC did not immediately respond to its question whether Clayton would accept the briefing.
Ratcliffe is also reported to have attached a copy of a letter Clayton sent this summer from Senator Tom Cotton (R-Ark.) Explaining the need for "clearer policy" and formal guidelines for digital currencies.
Clayton will step down from his SEC position later this year.
See also: Coinbase will cease all margin trading tomorrow, citing the CFTC guidelines
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US intelligence chief raises concerns with SEC about China's crypto-dominance: report
US intelligence chief raises concerns with SEC about China's crypto-dominance: report
US intelligence chief raises concerns with SEC about China's crypto-dominance: report
US intelligence chief raises concerns with SEC about China's crypto-dominance: report
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