US lawmakers introduced a bill prohibiting federal government officials from engaging in commercial activities with China-based blockchain companies.

The legislation explicitly prohibits US government officials from transacting with iFinex, the parent company of Tether, the issuer of the world's largest stablecoin, USDT. Additionally, the bill expands its restrictions on transactions with The Spartan Network, The Conflux Network and Red Date Technology Co, the architect behind China's national blockchain project and its CBDC, or digital yuan.

The goal of this recent legislative proposal is to ensure that the nation's "foreign adversaries... do not have a back door to access critical national security intelligence or the private information of Americans."

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