Did This US Lawmaker Just Admit The CIA Is Monitoring China’s Crypto?
Representatives from the US Congress have been pushing the Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act, with the objective of safeguarding national security by restricting U.S. government access to blockchain and cloud technologies controlled by the Chinese Communist Party (CCP).
U.S. Representatives Abigail Spanberger of Virginia and Zachary Nunn of Iowa unveiled this bipartisan legislation to counteract the influence of the CCP, prevent cyberattacks, and protect U.S. intellectual property.
The CCP has made substantial investments in emerging technologies, encompassing artificial intelligence, quantum computing, 5G, hypersonic weapons, distributed ledger technology, cloud computing, and blockchain. This includes the development of the state-controlled Blockchain-based Service Network (BSN).
Spanberger, a former Central Intelligence Agency (CIA) case officer and current Member of the House Intelligence Committee, emphasized the significant risks posed by the CCP’s investment in a state-controlled blockchain network to U.S. data security. She highlighted the national priority given to blockchain by Xi Jinping and the importance of safeguarding information hosted on their network.
However, as she spoke of the serious national security risks posed by CCP’s crypto movement based on her experience back in the CIA, many observers treated this as a confirmation that the intelligence agency is monitoring China’s blockchain movement.
The Democrat representative from Virginia also expressed pride in co-leading the bipartisan CLARITY Act with Representative Nunn to establish a firewall between CCP-owned blockchain and the federal government, counter the CCP’s influence globally, and maintain the nation’s competitiveness.
While blockchain technology is commonly associated with cryptocurrencies like Bitcoin, its widespread adoption across cloud storage platforms is expected to reshape data privacy over the next decade, enhancing security and reducing costs. Utilizing the BSN could expose information stored on cloud platforms to CCP surveillance, potentially compromising sensitive data at both individual and government levels.
The proposed legislation aims to prohibit the federal government from using blockchain technology developed by the CCP and other foreign adversaries. This prohibition is intended to prevent these countries from having a backdoor to access critical national security intelligence and Americans’ private information.
Information for this story was found via Augusta Free Press and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
