Biden Administration Seeks Tools to Combat Illicit Crypto Use, US Lawmakers Propose CLARITY Act, Ban Tether, Chinese Crypto Firms, and China's CBDC

The Biden administration is seeking additional tools to combat illicit crypto use, as per a Treasury official. US lawmakers are proposing the CLARITY Act to limit federal ties with Chinese blockchain firms and to ban Tether and Chinese crypto firms. Additionally, a bill requiring private equity firms to reveal China investment and another prohibiting US financial service operators from interacting with China's CBDC have been introduced.