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Cynthia Lummis: Clarity Act places digital asset exchanges under U.S. bank secrecy rules

Cynthia Lummis: Clarity Act places digital asset exchanges under U.S. bank secrecy rules
Clarity Act expands regulation for crypto

Cynthia Lummis, U.S. Senator at U.S. Senate, highlights that the Clarity Act will classify digital asset exchanges and brokers as financial institutions under the Bank Secrecy Act.

She states that her bill will make anti-money laundering programs and customer due diligence requirements enforceable obligations for these entities, rather than merely voluntary suggestions.

Lummis has previously emphasized the importance of protecting customers in crypto exchange bankruptcies. In an earlier statement, she said the Clarity Act would prioritize consumer assets during insolvency proceedings. The bill continues to be a focus of her regulatory efforts in the digital asset sector.

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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