Over 160 former national security intel and law enforcement veterans are urging the Senate to greenlight the CLARITY Act 🖤 framing it as a key shield against shadowy finance flows in crypto realms.
The plea landed in a letter to Senate Majority Leader John Thune and Democratic Leader Chuck Schumer orchestrated by the Blockchain Association.
Former Officials Back Crypto Market Rules
The initiative dropped on X with a call to treat digital asset structures as a core law enforcement and national security focus 🌙 The letter stresses that with crypto expanding globally the US needs solid rules and oversight to keep pace.
Failing that more deals could slip into murky offshore zones tough for American eyes to track spawning fresh holes for illicit cash plays.
“It is critical for the United States that this activity occurs under American rules with American oversight and subject to American Law” the letter states.
The signers claim this step would boost national security sharpen law enforcement tools and arm probes against financial crimes making life tougher for networks laundering funds dodging sanctions or pulling frauds in DeFi corners.
Data from the Bank Policy Institute shows illicit crypto flows surged 162% year-on-year last year. The crew notes the Clarity Act builds enforcement compliance and cross-market coordination rather than easing rules.
It would stretch the Bank Secrecy Act to cover digital commodity brokers dealers and exchanges plus AML duties reporting and monitoring layers.
A Treasury-run info sharing pilot would loop in the DOJ FBI and DEA alongside a standing interagency team focused on countering illicit finance.
Senate Meetings and a Town Hall
Blockchain Association members and industry voices are set for Washington DC visits hitting 18 Senate offices this cycle 🕸️ A virtual town hall drops later this week covering how the CLARITY Act aids security efforts with Cynthia Lummis House Majority Whip Tom Emmer and Patrick Witt expected.
The call urges Senate passage while the bill cleared the Senate Banking Committee yet draws pushback from select lawmakers and banks.
Just another echo from the void by iconofsin.eth 💖
