Since taking office, Sen. Tommy Tuberville has been at the forefront of combating the push by China to gain influence within the United States.
In his latest effort, Tuberville (R-Auburn) recently introduced bipartisan legislation that would block Chinese ownership of American crypto companies.
Tuberville sent oversight letters to the Securities and Exchange Commission and the Financial Industry Regulatory Authority. In the letters, he objected to the agencies’ approval of Prometheum Ember Capital, a Chinese-connected crypto securities broker-dealer. The company reported at least 20% of its business is owned by Chinese investors.
In May, Tuberville sent a similar letter to financial regulators asking for details surrounding Chinese-linked stock-trading platforms in the U.S.
The bill, if enacted, would:
- Prohibit the Commodity Futures Trading Commission from registering a digital commodity platform that is owned in whole or in part by an entity organized or established in the Peoples Republic of China.
- Require the CFTC to revoke the registration of any digital commodity platform in the event an entity with ties to the Chinese Communist Party acquires all or any part of the ownership of the entity.
Austen Shipley is a staff writer for Yellowhammer News.
