Four Law Enforcement Organizations: Still Concerned That Certain Provisions of the Clarity Act Will Create Gaps in Oversight and Accountability
Svmuu News: A Fox Business crypto reporter posted on X that four law enforcement agencies stated in a letter to government officials that they remain concerned about certain provisions of the Clarity Act, including Section 604 of the “Blockchain Regulatory Certainty Act,” arguing that this provision would create gaps in regulation and accountability and hinder the investigation and prosecution of illegal activities. The organizations also argued that the bill fails to adequately establish safeguards commonly used by traditional financial institutions and could exempt certain crypto participants from some KYC/AML reporting requirements. In the preceding weeks, these organizations, along with the administration, Congress, and the crypto industry, held meetings to address issues with the bill’s wording, with a particular focus on the BRCA. The BRCA has become a central point of contention in negotiations to advance the Clarity Act to the Senate for consideration. Both GLFOP and NAPOpolice were deeply involved in these discussions but did not sign the letter.
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Source:Odaily · Source Link
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