Cryptocurrency Daily Thefoxposts.com

A new bipartisan bill introduced on Wednesday would ban US government officials from using China-based crypto companies, China’s digital yuan, and prevent them from using the world’s largest stablecoin, Tether (USDT). The Creating Legal Accountability for Rogue Innovators and Technology Act (CLARITY) seeks to ensure that the country’s “foreign adversaries… do not have a backdoor to access critical security intelligence and Americans’ private information,” according to the bill’s creators (via CoinDesk). US Representatives Zach Nunn (R-Iowa) and Abigail Spanberger (D-Va.) introduced the bill on Wednesday. If passed, CLARITY would block government officials from conducting b US iness with iFinex, Tether’s parent company. The bill comes amid growing awareness that the crypto ind US try is dependent on China. As Protos recently reported, China has generated more revenue for the world’s largest crypto firms than any other country ...

The Hong Kong Monetary Authority has cautioned the public against crypto firms that describe themselves as banks or offer products termed as deposits. On Sept. 15, the Hong Kong Monetary Authority (HKMA) issued a public statement expressing concern over crypto companies labeling themselves as “ banks ” and offering what they describe as “deposits.” According to HKMA, such categorizations may contravene Hong Kong’s Banking Ordinance, which strictly forbids unlicensed entities from using the term ‘bank’ or making any representations that suggest they are conducting banking activities in the region. The authorities consider such acts an “offense.” In the official release, the HKMA stated, “The HKMA is aware of some crypto firms describing themselves using terms such as crypto bank, crypto asset bank, digital asset bank, digital bank, or digital trading bank, or claiming to offer banking services or banking accounts.” The concern with this is the potentia...