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Cynthia Lummis: Clarity Act brings crypto sector under U.S. Bank Secrecy Act

Cynthia Lummis: Clarity Act brings crypto sector under U.S. Bank Secrecy Act
Clarity Act extends oversight to crypto

Cynthia Lummis, U.S. Senator, Wyoming at U.S. Senate, announced that the Clarity Act will close the DINO loophole and extend U.S. Bank Secrecy Act and sanctions requirements to all crypto exchanges, DeFi platforms, and crypto ATMs.

This move aims to ensure that every part of the digital asset market is subject to existing financial oversight and legal frameworks.

Lummis previously called for transparency after the collapse of Silicon Valley Bank and backed full Federal Reserve cooperation in related investigations. In 2022, she noted that over 4 million people lost access to funds due to a wave of crypto bankruptcies, leaving many in court proceedings. The Clarity Act was first proposed to address gaps in regulatory oversight following these events.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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