Republican Lawmakers Say China’s Cryptocurrency Crackdown Is an Opportunity for America

Person holding phone with cryptocurrency info on screen

Republican lawmakers say China’s recent crackdown on financial technologies could offer an opportunity for the U.S. to press its advantage in innovation.

China’s central bank issued a statement Friday morning declaring all cryptocurrency transactions and services illegal, banning coin mining operations and vowing to crack down on its citizens’ use of foreign crypto exchanges.

Several Republicans say China’s loss could be the United States’ gain.

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Banks, Financial Services Firms Next to Bow to ‘Woke Left,’ Ban Conservatives, Warns Rep. Ted Budd

A new frontier in “cancel culture” is looming on the horizon: Banking and financial services firms could ban conservative customers and others from industries targeted by the left, warns North Carolina Republican Rep. Ted Budd, a member of the House Financial Services Committee.

The targets appear to include Republican members of Congress who voted to challenge the 2020 election results (just as some Democrats did in 2017, 2005 and 2001 without facing financial backlash). Additional possible targeted industries range from fossil fuels and firearms to for-profit colleges and payday lenders.

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