The Blockchain Association has sent an open letter to U.S. Senate leaders John Thune and Chuck Schumer, urging them to expedite the passage of the CLARITY Act.
Among the 160 signatories are former law enforcement officials, as well as national security and intelligence personnel.
The authors of the letter emphasized that the lack of clear federal regulations is forcing the crypto industry to move to offshore jurisdictions. This shift takes transactions out of the oversight of U.S. regulators and complicates the work of investigators.
The CLARITY Act includes provisions for:
- extending Bank Secrecy Act and sanctions compliance requirements to brokers, dealers, and digital asset exchanges;
- launching a pilot program by the Treasury for data sharing between the Department of Justice, FBI, DEA, and the private sector;
- establishing a permanent interagency task force to combat crimes related to virtual assets;
- setting strict standards for cryptocurrency ATMs, including reporting, operational limits, and monitoring.
Some provisions will also affect not fully decentralized trading protocols, imposing AML obligations, suspicious activity reporting, and comprehensive independent audits. Additionally, sanctions requirements for DLT messaging systems are specified.
Blockchain Association President Summer Mersinger emphasized that this initiative is not a deregulation measure. On the contrary, it expands tools to combat money laundering and terrorism financing.
As part of the campaign to promote the CLARITY Act, association representatives will hold a series of meetings in 18 Senate offices. A public discussion featuring Senator Cynthia Lummis, Congressman Tom Emmer, and White House representative Patrick Whitt is scheduled for June 4.
It is worth noting that on May 14, the Senate Banking Committee approved the cryptocurrency bill by a vote of 15 to 9.