US SB321

Prohibits importing AI technology or intellectual property developed in China and exporting AI technology to China, effective 180 days after enactment, with criminal penalties matching Export Control Reform Act violations and civil penalties for each violation

Makes it a federal crime for U.S. persons to conduct AI research or development within China, for Chinese entities of concern, or in collaboration with Chinese nationals working for such entities, with fines up to $100 million for organizations and $1 million for individuals

Bars violators from receiving federal financial assistance for 5 years and requires forfeiture of any federal licenses, contracts, grants, or public benefits

Prohibits U.S. persons from holding financial interests in, lending to, or extending credit to Chinese entities involved in AI research that assist China's military-civil fusion strategy, develop surveillance capabilities, or are implicated in human rights abuses, effective one year after enactment

Adds violations to the Immigration and Nationality Act's definition of "aggravated felony," creating deportation consequences for non-citizens convicted under the law