US Director Of National Intelligence John Ratcliffe has penned a letter to Securities and Exchange Commission (SEC) showing his concern over China’s control on Bitcoin and cryptocurrency.
Ratcliffe, addressing his letter to SEC Chairman Jay Clayton, showed his concerns over China dominating the world scene as far as cryptocurrency mining is concerned. He also mentioned about China’s plans to establish a state-controlled digital currency.
“Our government should not voluntarily cede that ground by failing to create a level playing field for US-based companies through the development of clear policy that allows them to compete fairly against foreign competitors.”
Ratcliffe urged the US SEC to form a regulatory framework to aid cryptocurrency firms based in the US to compete with the Chinese firms across the globe.
Ratcliffe attached a 2018 letter from US Senator Tom Cotton (R-Arkansas) urging the SEC to adopt clearer digital currency regulations.
