Trump Administration Worried China Is Leaping Ahead of US in Adoption of Digital Currency: Report

There is a growing concern within the Trump administration that US regulators are dragging their feet as China’s dominance in the digital currency space accelerates, according to a new report.

Just a week after Federal Reserve chair Jerome Powell said it’s more important for the US to implement its own digital currency in the right way than to be first in the world, Breitbart reports that the Trump administration is now worried that unclear and stringent regulatory policies from the Securities and Exchange Commission (SEC) are putting American companies at a disadvantage on the world stage.

Senior administration officials have expressed their frustration about the SEC chairman Jay Clayton’s approach in regulating digital assets.

“So when you look toward the future, digital currency is going to be a major front in the broader economic battle. We need to make sure the SEC is not putting American companies at a disadvantage because China is making a major play in the crypto-space.”

So far, the agency has officially stated that Bitcoin is not a security, but has not commented on the vast majority of the crypto market.

The lack of regulatory clarity is a risk to US national and economic security, Sen. Tom Cotton said in a letter obtained by Breitbart.

“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.”

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