Joe Biden Administration in the US Prepares to Make a Move Concerning Bitcoin Before Leaving

The Biden administration is preparing to blacklist Sophgo, a Chinese company accused of incorporating a chip made by Taiwan Semiconductor Manufacturing Company (TSMC) into Huawei's artificial intelligence (AI) processor without permission, according to a person familiar with the matter. Sophgo, co-founded by Micree Zhan, who also founded the world’s largest Bitcoin miner and chipmaker Bitmain, is under scrutiny over its alleged links to Huawei’s Ascend 910B multi-chip system. The chip in Huawei’s processor reportedly matches one Sophgo ordered from TSMC, further fueling concerns. Sophgo is the latest Chinese entity to face US sanctions over its alleged involvement in aiding telecommunications giant Huawei, which has been on the US Entity List since 2019. The list bans companies from exporting goods and technology to restricted entities without special licences that are rarely granted. Related News: Analytics Firm Analyzes Funding Rates in Bitcoin - Here's How to Interpret Them and the Movement in the Recent Drop In recent months, the U.S. Commerce Department has stepped up its actions against companies seen as part of Huawei’s “shadow network,” adding several to its restricted trade list. A Commerce Department spokeswoman declined to comment on Sophgo’s case. In recent months, the U.S. Commerce Department has stepped up its actions against companies seen as part of Huawei’s “shadow network,” adding several to its restricted trade list. A Commerce Department spokeswoman declined to comment on Sophgo’s case. Sophgo’s ties to Bitmain, a leading Bitcoin mining company, and its work with state-owned firms such as China Telecom have fueled these concerns. Sophgo and Bitmain, the world's largest Bitcoin mining machine and chip company, were founded by Micree Zhan. *This is not investment advice. Continue Reading: Joe Biden Administration in the US Prepares to Make a Move Concerning Bitcoin Before Leaving