Head of US Intelligence concerned about Chinese dominance in digital currencies

The Director of US National Intelligence addressed the Chairman of the Securities and Exchange Commission (SEC) about concerns about China’s dominance in digital currencies, which „could put the US at a disadvantage“.

According to Washington Examiner, in early November John Ratcliffe wrote to SEC Chairman Jay Clayton recommending regulations that would allow U.S. companies to be more competitive in the digital currency field.

Ratcliffe noted that more than half of Bitcoin mining capacity is in China and the People’s Bank of China is already developing its national digital currency. Ratcliffe recommended that a meeting be held with representatives of economic intelligence who can provide Clayton with more detailed information on these issues.

It is reported that Ratcliffe also enclosed a copy of a letter sent to Clayton by US Senator Tom Cotton, which stated the need for „clearer“ regulation of digital currencies.

Clayton will step down as Chairman of the SEC later this year. Under his leadership, the SEC has filed 56 lawsuits against ICO projects and cryptographic companies.