U.S. lawmakers establish CLARITY Act to shutdown federal ties to Chinese blockchain
U.S. Representatives Zach Nunn and Abigail Spanberger have introduced the CLARITY Act of 2023, a bill aimed at prohibiting federal officials from transacting with Chinese blockchain companies to safeguard national security interests. In a bipartisan initiative, Representatives Zach Nunn and Abigail Spanberger introduced the Creating Legal Accountability for Rogue Innovators and Technology Act of 2023, commonly known as the CLARITY Act. This proposed legislation targets a very contemporary issue: The engagement between U.S. federal officials and Chinese blockchain entities. If enacted, the act will unequivocally prohibit federal government employees from using Chinese blockchain networks and from transacting with certain Chinese companies, including iFinex—the parent company of Tether, a well-known cryptocurrency stablecoin issuer. So this new “Clarity Act” would mean the US government employees won’t be able to hold #Ethereum right??? It’s a Chinese blockchain company right ...