#US Intelligence Community is Worried About China’s Digital Currency

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America’s intelligence community has raised concerns with the SEC about the China’s digital currency influence.

In brief

America’s intelligence community is concerned that China is pulling ahead on digital currencies.

The SEC reportedly received communication detailing the intelligence community’s concerns.

China’s digital currency development has been taking place since as early as 2014.

The Director of National Intelligence, John Ratcliffe, reportedly wrote to SEC chairman Jay Clayton, raising concerns about China’s digital currency influence earlier this month.

China has been on the digital currency path since at least 2014, when Xiaochuan Zhou, then governor of the People’s Bank of China, established the Digital Currency Research Institute. Conversely, the US has taken a more cautious approach. Last month, chairman of the US Federal Reserve Jerome Powell suggested “it’s more important to get it right than to be the first.” But now, it seems the US is concerned that China is too far ahead.

“Unfortunately it is a rather pessimistic outlook, to give US companies a level playing field with the Chinese would require massive deregulation of US securities laws, many of which have been in effect for the better part of a century.” Jason Brown, director of business development for Komodo Platform, told Decrypt.

In other words, whie the US might be anxious about China’s lead in the digital currency world, there would have to be a significant upheaval of the regulatory rulebook for America to catch up.

What’s more, according to Brown, when regulations are put in place to protect consumers but these rules are not followed abroad, America’s competitiveness is undermined.

“These regulations that were intended to protect everyday citizens become an unnecessary burden placed on US companies that effectively handicaps Americans’ abilities to access global capital,” Brown added.

China’s cryptocurrency hold

However, other than regulatory restrictions for digital currencies, the US also appears to be concerned about China’s hold on cryptocurrencies.