- Former US Defense Secretary Mark Esper urges the Senate to pass the CLARITY Act, framing it as a national security measure.
- Esper argues weak digital asset rules create openings for North Korea and China to undermine American financial power.
- China is investing in state-directed payment systems to sidestep US supervision and erode the dollar’s central role.
- Esper serves on the Coinbase Global Advisory Council and calls China the greatest strategic threat of our lifetime.
Former US Defense Secretary Mark Esper, writing in the Financial Times on Saturday, urged the Senate to pass the CLARITY Act, arguing weak digital asset rules create openings for adversaries. Esper, who also serves on the Coinbase Global Advisory Council, said Beijing is already investing in state-directed payment systems to sidestep American supervision.
“I have long argued that China is the greatest strategic threat of our lifetime,” Esper said. Consequently, he asserted the CLARITY Act is not merely a financial services bill but a national security one. The bill aims to address weak digital asset rules that allow North Korea and China to undermine American financial power. Meanwhile, Esper emphasized that China’s payment systems are designed to erode the US dollar’s central role.
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