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.

Read also: Ant Launches Business Trade Blockchain in Run-Up to $35B IPO

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