US Intelligence Raises Concerns Over China's Dominance on Crypto Market
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Nov. 25, 2020
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The US intelligence community is concerned over China's dominance on the cryptocurrency market, the Washington Examiner has learned, citing a top intelligence official.

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According to the media, Director of National Intelligence John Ratcliffe contacted SEC's Jay Clayton earlier in November, raising concerns over China’s supremacy on the crypto market. Ratcliffe reportedly offered to have the senior economic intelligence officials brief Clayton on the matter.

"The president’s recent executive order made abundantly clear the threat posed by securities investments that finance Communist Chinese military companies. Digital currency controlled by the CCP could certainly fall into that category, but the bottom line is that we cannot allow China to dominate the technologies and innovations that are going to decide who runs the world for decades to come — from artificial intelligence to digital currency, and everything in between," an unknown senior intelligence official told the Washington Examiner.

The Washington Examiner's informer also said the US regulatory regime "must support American innovation," if the country does not want to lose the digitalization race.

At the same time, the rapid development of digitization of international economies must be regulated according to unified standards for central bank digital currencies (CBDCs), Chinese President Xi Jinping said during the G20 summit.

Xi Jinping believes countries need to set "open and accommodating" principles for the development of central bank digital currencies.

China 'Has Long Way to Go' Before Challenging US Dollar

In October, Chainalysis, a blockchain-focused company, said financial institutions should rather to start getting familiar with the crypto market right now, rather than waiting until watchdogs are demanding it. The banks should examine not only each exchange’s business model, but also compliance program quality, and jurisdiction of operation, the company highlighted in a recent report.

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