Bill · S. 1223· Senate(119-S-1223)
Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act
- Introduced
- 4/1/2025
- Last activity
- 4/1/2025 — Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- Sponsored by
- Tommy Tuberville
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
This bill, titled the "Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act," seeks to amend the Commodity Exchange Act. It aims to prevent entities from a foreign adversary from interfering in United States digital commodity markets. The legislation prohibits the registration of digital commodity platforms that are owned, even partially, by a "covered entity" from a foreign adversary. Additionally, the bill requires the Commission to revoke the registration of any digital commodity platform if a covered entity acquires ownership of it. This includes specific definitions for digital commodities, brokers, dealers, and the specific foreign adversaries involved.
Yes· 3 of 4
Does this better protect the country from computer attacks?+7
The bill enhances economic and digital security by limiting foreign adversary influence in commodity markets.
Does this give people more protection from unfair business practices?+5
The bill protects domestic consumers from potential foreign market manipulation via digital commodity platforms.
Does this put more rules on large technology companies?+5
The bill regulates digital asset platforms to mitigate foreign influence.
The opposite
Would business owners be better off under this?-3
The bill imposes restrictive ownership requirements that could negatively impact digital asset business models.
Does this make trade with other countries easier?-2
The bill may restrict trade and investment due to strict ownership prohibitions.
Who it would affect, and how
Potential Positive Impacts for People
-
Prevention of foreign interference in markets: By prohibiting the registration of digital commodity platforms owned by entities in foreign adversary nations, the bill seeks to prevent these entities from interfering in United States digital commodity markets (Section 2, (A) and (B)).
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Protection against ownership by specific foreign entities: The bill establishes clear definitions for "covered entities" and "foreign adversaries" to ensure that digital commodity platforms cannot be owned or operated by specific nations or their subsidiaries, such as the People's Republic of China, Cuba, Iran, North Korea, Russia, or Venezuela (Section 2, (A)(i) and (ix)).
Potential Negative Impacts for People
- Loss of registration for platforms undergoing ownership changes: If a digital commodity platform is acquired by a covered entity, its registration must be revoked, which could impact the platform's operation (Section 2, (C)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Consumer Protection+5
- Education And Technology
- Increases Big Tech Regulation+5
- National Security And Foreign Policy
- Improves Cybersecurity Defense+7Improves International Trade-2
- Governance And Ideology
- Increases Federal Power+4
- Demographic And Interest Groups
- Good For Business Owners-3
- 4/1/2025
- Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- 2 Cosponsors added.
- Introduced in Senate
Cindy Hyde-SmithRepublican · Mississippi
James JusticeRepublican · West Virginia