In the News: US Reinforces Chip Export Controls; Brokers' Offshore Trading Ban; and Court Denies Crypto Lending

October 18, 2023 | BY

Brian Chan

U.S. further restricts export of chips to curb China's technological advancement; China bans domestic brokerages from offshore trading in order to stabilize its currency; and Chinese court continues to not recognize crypto lending in civil litigation cases

Credit: Raimundas/Adobe Stock 

U.S. Further Restricts Exports of Chips to China

The U.S. is tightening export controls for cutting-edge artificial intelligence chips to restrict China's access to advanced semiconductors and chipmaking gear. Commerce Secretary Gina Raimondo said the update will curb China's access to advanced chips that "could fuel breakthroughs in artificial intelligence and sophisticated computers" that are critical for the Chinese military. The U.S. Commerce Department extended the sweeping export controls that were first introduced in October 2022. Under that rule, the U.S. banned exports of chips that exceeded two thresholds: one for power and the other for the speed at which chips talk to each other. The Commerce Department is replacing the latter with a "performance density" measure that is explicitly designed to stop companies from finding workaround solutions.

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