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Policy

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

U.S. intelligence chief John Ratcliffe was reportedly seeking clearer regulation around digital currency.

By Daniel Palmer
AccessTimeIconNov 25, 2020 at 1:58 p.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC
John Ratcliffe, U.S. Director of National Intelligence

John Ratcliffe, U.S. Director of National Intelligence

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The U.S. Director of National Intelligence has written to the Securities and Exchange Commission (SEC) over fears China's dominance in the area of digital currencies could put the U.S. at a disadvantage.

  • According to the Washington Examiner on Tuesday, John Ratcliffe wrote to SEC Chairman Jay Clayton earlier in November in an effort to push the agency to bring in rules that would allow U.S. businesses to be more competitive.
  • Ratcliffe is said to have raised the fact that over half of the global 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 have senior economic intelligence officials brief Clayton on the issues.
  • The Examiner said the SEC did not respond immediately to its question asking if Clayton will accept the briefing.
  • Ratcliffe is also said to have attached a copy of a letter sent Clayton by U.S. Sen. Tom Cotton (R-Ark.) in the summer stating the need for "clearer articulation of policy" and formal guidance on digital currencies.
  • Clayton will step down from his SEC role at the end of this year.

See also: Coinbase Will Suspend All Margin Trading Tomorrow, Citing CFTC Guidance

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