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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.
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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.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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