US lawmakers introduce CLARITY Act to limit federal ties with Chinese blockchain

Source: nunn.house.govTether was reported to have been exposed to Chinese securities and other Chinese firms previously in 2023. Tether had formerly rejected any participation with the debt of Chinas distressed Evergrande Group but had not revealed its holdings of other Chinese securities.Related: Tether problems $610M financial obligation funding to Bitcoin miner Northern Data Further, the U.S. Securities and Exchange Commission is also closely keeping track of Tethers operations. In September, a report suggested that the company secretly began offering USDT stablecoin loans to customers a year after it pledged to cease supplying secured loans.As the expenses sponsors state, the most current relocation highlights Washingtons growing concerns about Chinese connections within the cryptocurrency sector.Magazine: How to protect your crypto in an unpredictable market– Bitcoin OGs and experts weigh in