Share this article
China’s Digital Yuan Targeted in New Bill From 9 GOP Senators
The Say No to the Silk Road Act stems from not only the well-known privacy concerns around the Chinese CBDC, but also from worries it could be a tool to evade sanctions.
Updated May 11, 2023, 6:19 p.m. Published Mar 10, 2022, 9:39 p.m.
Led by Sen. Bill Cassidy (R-La.) and Sen. Marsha Blackburn (R-Tenn.), nine Republican U.S. Senators have introduced a bill aimed at setting regulations and guidelines concerning China's digital yuan.
- “If left unchecked, technologies including China’s Digital Yuan will empower Russia to evade global sanctions on systems such as SWIFT and enable the CCP to further surveil and threaten their citizens,” said Sen. Blackburn in a press release. “This bill holds China accountable as they introduce their new digital currency,” said Sen. Cassidy.
- The Say No to the Silk Road Act would – among other things – require the State Department to issue a warning on the digital yuan, require the Secretary of Commerce to report on trade enforcement actions and require that any foreign government that receives financial assistance through the U.S. military disclose if they use China's central bank digital currency (CBDC) in either a settlement or reserve currency capacity.
- Seven other Republican senators – Ted Cruz (R-Texas), Cynthia Lummis (R-Wyo.), Mike Braun (R-Ind.), Rick Scott (R-Fla.), Cindy Hyde-Smith (R-Miss.) and Tommy Tuberville (R-Ala.) – have already signed on.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto CEOs Join U.S. CFTC's Innovation Council to Steer Market Developments
The chief executives of firms such as Gemini and Kraken will pitch in on U.S. policy efforts through the council's future, public discussions.
What to know:
- In her final days atop the agency, Commodity Futures Trading Commission Acting Chairman Caroline Pham announced her CEO Innovation Council, replete with crypto executives.
- The names include the chief executives from Gemini, Kraken, Polymarket, Bitnomial and several others.
- The CFTC is expected to get its permanent chairman very soon when the Senate votes on the confirmation of Mike Selig, President Donald Trump's nominee.
Top Stories
