To prohibit certain actions and require reporting to defend against the economic and national security risks posed by foreign adversarial blockchain networks, and for other purposes.
About This Bill
Committee
Latest Action · November 8, 2023
Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Intelligence (Permanent Select), and Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The CLARITY Act of 2023 prohibits federal agencies from purchasing, contracting for, or using blockchain technology and equipment from foreign adversaries, particularly from China-based networks like the Blockchain-based Services Network. The ban takes effect two years after the law is enacted, giving affected businesses and agencies time to transition away from these technologies. Federal agencies can request waivers for up to two years if they provide compelling justification and submit transition plans, while intelligence agencies can request national security waivers without these requirements. The bill requires the Treasury Secretary, State Department, and Director of National Intelligence to submit detailed reports to Congress within 180 days and annually thereafter assessing security risks from foreign blockchain networks, including threats to U.S. financial markets, sanctions enforcement, and the dollar's status as the world reserve currency. The legislation also directs these officials to recommend steps Congress can take to address identified risks and to identify malign entities in the blockchain industry that harm U.S. interests.
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