Biden administration takes crypto action before leaving

The Biden administration is preparing to make a significant move regarding cryptocurrency before the transfer of power. One of the main actions is the possibility of putting the Chinese company Sophgo on the blacklist under US sanctions. Sophgo, co-founded by Micree Zhan, the man behind Bitmain, is being accused of being involved in illegally using chips manufactured by TSMC for products of Huawei, a major Chinese technology company that once banned from exporting technology from 2019.

The move is part of the Biden administration's efforts to control the threat from Chinese technology companies, and could also affect the cryptocurrency industry, especially companies like Bitmain , which has a major impact on the global Bitcoin mining market. The Biden administration has stepped up actions against companies seen as linked to Huawei, suggesting that clampdown on the cryptocurrency sector is coming amid trade tensions between the US and China. Nation is increasing day by day.