Trump Administration Said to Mull Putting Digital Payments Giant Ant Group on Trade Blacklist: Report

The U.S. State Department has submitted a proposal to add Ant Group, the fintech arm of e-commerce behemoth Alibaba, to a trade blacklist, Reuters reported, citing two people familiar with the matter.

The move comes as Ant, a global leader in digital payments, is readying to go public in what could be an offering worth up to a record $35 billion.
While it's not clear when the proposal to put China-based Ant on the blacklist will be reviewed, it comes as trade hawks in the Trump administration want to discourage U.S. investors from taking part in the Ant IPO, Reuters noted.
Why this matters in the crypto world: Besides being a global leader in digital payments, Ant has been working on its own blockchain operations while China is operating at full speed on its own digital currency and its Blockchain Services Network.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Kevin Reynolds

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.