Blockchain Association Urges Senate To Pass CLARITY Act With Letter Backed By 160 Ex-Officials

bitcoinistОпубліковано о 2026-06-04Востаннє оновлено о 2026-06-04

Анотація

The Blockchain Association, along with 160 former national security and law enforcement officials, has urged Senate leaders to pass the CLARITY Act. They argue that without clear federal regulation, crypto activity will move to opaque offshore markets, hindering U.S. efforts to combat financial crime. The letter highlights that the Act would strengthen law enforcement by expanding anti-money laundering and sanctions requirements under the Bank Secrecy Act, improving information sharing between agencies like the Treasury, DOJ, and FBI, and enhancing oversight of digital asset kiosks with measures like transaction monitoring and fraud prevention. The Association emphasizes these are enforcement enhancements, not deregulation. Momentum for the bill is building, with a Senate vote expected this summer, though it would still need reconciliation with a previously passed House version.

The Blockchain Association, one of the industry’s biggest advocacy groups, urged Senate leadership to move forward on the long-awaited CLARITY Act in a letter sent Tuesday to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer, signed by 160 former national security, intelligence, and law enforcement professionals.

The signatories contend that without a clear federal framework, crypto-related activity could continue to move offshore into markets they describe as opaque—making it harder for US investigators to reach, monitor, and pursue financial crime.

Key CLARITY Act Provisions

The Blockchain Association’s letter emphasizes that the CLARITY Act would expand law enforcement and financial crime prevention capabilities across the digital asset ecosystem.

It highlights several enforcement-focused measures aimed at improving detection, coordination, and accountability. Among the key provisions described are strengthened anti-illicit finance obligations, including expanded Bank Secrecy Act (BSA) and sanctions requirements.

The letter also mentions information sharing led by the Treasury with the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), the Drug Enforcement Agency (DEA), and the private sector.

The group further argues that the bill would bolster safeguards for digital asset kiosks, citing requirements meant to improve oversight. Those include transaction monitoring and reporting duties, transaction limits, anti-fraud provisions, and dedicated law enforcement points of contact.

The Blockchain Association says these tools are particularly important for seniors and other Americans who are frequently targeted by scams, and it frames the measures as enforcement enhancements rather than reductions in regulation.

“These are not deregulatory measures,” the letter says, describing the proposal instead as a way to improve visibility, coordination, compliance, and accountability across digital asset markets.

The Road Ahead

To reinforce that message, the Blockchain Association is also set to host a virtual town hall on Thursday focused on how the legislation supports law enforcement and national security.

The event is expected to include participation from Senator Cynthia Lummis, Majority Whip Tom Emmer, and Patrick Witt, the White House Executive Director of the President’s Council of Advisors for Digital Assets.

Amid the group’s call, momentum for the CLARITY Act has already been built. After the Agriculture Committee markup successfully approved its portion of the bill back in January, the bill’s Agriculture Committee portion also advanced. With those steps completed, a full Senate vote is expected this summer.

Even if the CLARITY Act clears the Senate, the legislation would still face a second major hurdle: approval by the House. The House has previously acted on a version of the bill, passing a different draft last fall.

As a result, the final Senate text may need additional reconciliation with the House’s earlier version before it can move forward.

The daily chart shows the total crypto market cap dropping below $2.2 trillion on Wednesday. Source: TOTAL on TradingView.com

Featured image created with OpenArt; chart from TradingView.com

Пов'язані питання

QWhat is the main purpose of the letter sent by the Blockchain Association to Senate leadership?

AThe main purpose of the letter is to urge the Senate to move forward and pass the long-awaited CLARITY Act, arguing that a clear federal framework is needed to prevent crypto-related activity from moving to opaque offshore markets and to enhance US law enforcement's ability to combat financial crime.

QAccording to the letter, what would be a key consequence of not passing the CLARITY Act?

AA key consequence would be that cryptocurrency-related activity could continue to move offshore into markets described as opaque, making it harder for US investigators to reach, monitor, and pursue financial crimes.

QHow does the Blockchain Association frame the enforcement measures in the CLARITY Act?

AThe association frames the measures, such as strengthened anti-illicit finance obligations and improved oversight for digital asset kiosks, as enforcement enhancements that improve visibility, coordination, compliance, and accountability, rather than as deregulatory measures.

QWhat upcoming event is the Blockchain Association hosting to support the CLARITY Act, and who is expected to participate?

AThe association is hosting a virtual town hall on Thursday focused on how the legislation supports law enforcement and national security. Expected participants include Senator Cynthia Lummis, Majority Whip Tom Emmer, and Patrick Witt, the White House Executive Director of the President's Council of Advisors for Digital Assets.

QWhat are the next legislative hurdles for the CLARITY Act after a potential Senate vote?

AAfter a potential Senate vote this summer, the legislation would need approval by the House of Representatives. Furthermore, the final Senate text may require additional reconciliation with a different version of the bill that the House passed previously.

Пов'язані матеріали

Manufacturing's Share Drops Below 25%: Is Hangzhou Unconcerned?

Hangzhou is entering a critical phase of industrial restructuring. While its manufacturing-to-GDP ratio has fallen below 25%, the city is not alarmed. Instead, it is strategically navigating a dual focus: advancing advanced manufacturing and expanding its service sector, particularly producer services. Recently, the city celebrated the IPO of a humanoid robotics company, seen as a milestone in moving beyond its e-commerce era. Simultaneously, it set an ambitious target for its service sector: to exceed 2 trillion yuan in value by 2030, with producer services making up over 60%. Data shows a clear trend: the service sector's share of GDP has risen to 75.3%, while manufacturing's share has declined to around 20.1%. This shift revives the debate on whether a strong service sector weakens a city's manufacturing "foundation." Hangzhou's approach challenges the notion of a fixed manufacturing "red line" near 25%. The city argues that the quality and integration of industries matter more than simple ratios. Its strategy is "using software to drive hardware," leveraging its core strengths in digital economy and producer services—like R&D, software, and supply chain management—to empower and add value to manufacturing. This is embodied by its emerging "AI era" companies, whose innovation in Hangzhou feeds into national industrial chains. The city believes that for a hub like Hangzhou, the key is not merely boosting visible manufacturing output, but strengthening the "invisible" competitive edge provided by high-end producer services, which ultimately determine manufacturing profitability. National policy is also shifting from insisting on a "stable" manufacturing share to acknowledging a "reasonable" range, allowing for quality-focused development. Hangzhou's future industrial blueprint aims for a manufacturing share above 22% of GDP by 2027, coupled with a dominant, high-value service sector. The goal is not to choose between manufacturing and services, but to deeply integrate them, using advanced services as the accelerator for next-generation manufacturing.

marsbit21 хв тому

Manufacturing's Share Drops Below 25%: Is Hangzhou Unconcerned?

marsbit21 хв тому

SEC Suddenly Proposes "Regulation Crypto": U.S. Token Fundraising May Become Legal Again

On August 18, the U.S. Securities and Exchange Commission (SEC) proposed a landmark set of permanent rules, "Regulation Crypto Assets," specifically designed for crypto asset investment contracts. The 402-page proposal introduces two registration exemption paths and a groundbreaking safe harbor mechanism, representing the SEC's first dedicated crypto-specific regulatory framework. Two exemption tiers are proposed: a "Startup Exemption" allowing a one-time raise of up to $5 million within four years with basic disclosure requirements, and a "Financing Exemption" permitting raises of up to $75 million every 12 months with stricter obligations, including financial statements and ongoing reporting. Both paths require "principles-based narrative disclosure," a flexible approach distinct from traditional IPO forms. The most transformative element is the investment contract safe harbor. It provides a legal path for tokens to "graduate" from being classified as securities. If an issuer completes or permanently ceases its "essential managerial efforts" as promised in the investment contract and meets specific conditions, it can file with the SEC to have the token exit the securities framework. This creates a novel legal lifecycle where a token can begin as a regulated security for fundraising and later become a non-security asset as the network decentralizes. This move is seen as the SEC pragmatically filling a legislative vacuum, as the stalled CLARITY Act in Congress faces significant delays. The proposal aims to offer a compliant pathway for token offerings within the U.S., countering the trend of projects moving overseas. While currently a proposal open for a 60-day public comment period, it signals a major potential shift from an enforcement-heavy approach toward establishing clearer rules for the crypto industry.

marsbit25 хв тому

SEC Suddenly Proposes "Regulation Crypto": U.S. Token Fundraising May Become Legal Again

marsbit25 хв тому

Late Qing County Magistrates' 'Official Debt' and the Crypto World's 'Exchange Listings': The Cross-Temporal Truth of Financializing Power

This article draws parallels between financialization of power in late Qing Dynasty China and the modern cryptocurrency industry. It opens with a staggering contemporary corruption case involving billions, illustrating how official positions control massive cash flows, akin to toll booths. The core analysis focuses on Du Fengzhi, a late Qing county magistrate. His 22-year journey from passing the provincial exam to finally obtaining a post highlights how bureaucratic "qualification" (like a VC investment) doesn't guarantee immediate benefit. Crucially, upon receiving his appointment, Du had to borrow heavily—"official debt"—to cover travel and networking costs to actually assume his position. Lenders, seeing his future post as a revenue-generating asset, offered loans with exorbitant effective interest rates (e.g., borrowing 4000 taels but receiving only 2000), effectively discounting and financializing his future power. Once in office, Du faced immense pressure from both public tax quotas and his crippling private debt. His diaries reveal aggressive, sometimes extreme, tax collection methods (sealing ancestral temples, pressuring local gentry) to meet these demands. The article argues this created a system where public duty and private financial survival became indistinguishable, with corruption evolving from operational necessity to normalized practice. The piece consistently analogizes this to crypto: VC funding as mere "qualification," the costly "listing" process on exchanges, the role of market makers and KOLs as intermediaries akin to local gentry, and the relentless pressure on funded projects to deliver returns—often leading to perpetual pivots, artificial metrics, and ultimately, the extraction of value from retail liquidity. Both systems, it concludes, are driven by the financialization of future potential, trapping individuals in cycles of debt and obligation with limited alternatives for upward mobility.

marsbit32 хв тому

Late Qing County Magistrates' 'Official Debt' and the Crypto World's 'Exchange Listings': The Cross-Temporal Truth of Financializing Power

marsbit32 хв тому

U.S. Stock Market Trends (August 19th): AI Hardware Rally Loosens, Long-Term Bond Yields Challenge Tech Valuations

U.S. stocks weakened further on Tuesday, with major indices hitting two-week lows for a third consecutive session. Pressure centered on the AI hardware sector, as the previously rebounding Philadelphia Semiconductor Index fell sharply. Meanwhile, persistently high long-term Treasury yields and rising oil prices fueled by Middle East tensions prompted a cautious reassessment of high-valuation tech assets. Key closing data: The S&P 500 fell 0.69%, the Dow Jones dropped 0.22%, and the Nasdaq declined 1.33%. The 10-year Treasury yield hovered near 4.70%, while the 30-year yield briefly touched a new high since 2007 before settling around 5.28%. WTI crude rose to $84.94. The chip sector led the decline, with the Philadelphia Semiconductor Index dropping about 5%. Losses spread across memory, optical communication, and AI infrastructure stocks. This shift indicates investor focus is moving from chasing AI demand momentum to evaluating valuations and earnings timing. The "Magnificent Seven" stocks showed mixed performance, with pressure more concentrated on AI hardware than software giants. The market is observing whether capital will rotate back to large-cap tech, sustaining the internal AI sector rotation, or if the broader AI trade is entering a cooling phase. Chinese stocks were mostly weaker, with the Nasdaq Golden Dragon China Index down about 1%. Baidu's stock fell sharply post-earnings due to profit pressure from AI investments, while Alibaba gained. Persistently high long-term bond yields and rising oil prices are re-emerging as key anchors for U.S. stock pricing, constraining valuation multiples for AI-related companies. Corporate events, including earnings from Home Depot and AI financing news like Anthropic's reported credit line expansion, continue to highlight cost and capital expenditure pressures. Focus for the coming sessions: 1) Whether the 30-year Treasury yield stabilizes below 5.30%, and 2) The market's ability to absorb the chip sector sell-off, determining if it's a pre-earnings consolidation or the start of a broader AI hardware cool-down.

marsbit37 хв тому

U.S. Stock Market Trends (August 19th): AI Hardware Rally Loosens, Long-Term Bond Yields Challenge Tech Valuations

marsbit37 хв тому

Galaxy Research: Crypto Lending Contracts for Third Consecutive Quarter, Market Undergoing Orderly Deleveraging

**Galaxy Research Report: Crypto Lending Market Sees Orderly Deleveraging for Third Consecutive Quarter** The crypto asset-backed lending market contracted for a third consecutive quarter in Q2 2026, shrinking by $11.33B (-16.78%) to a total of $56.16B. This represents a 40.13% decline from the Q3 2025 peak. The process is marked by a controlled, "stair-step" decline rather than the sharp, cascading collapses seen in 2022, suggesting a healthier, more orderly deleveraging driven by market retrenchment rather than forced liquidations. Key findings include: * **CeFi vs. DeFi:** Centralized Finance (CeFi) lending ($22.98B) surpassed Decentralized Finance (DeFi) lending ($20.43B) for the first time since Q3 2023, as DeFi loan volumes fell 27.61% quarter-over-quarter. * **Market Leaders:** Tether remains the dominant CeFi lender, holding 58.54% market share. CeFi's top three players (Tether, Maple, Nexo) control nearly 75% of that segment. * **Corporate Debt:** Debt used by companies for digital asset treasury strategies declined by $1.5B to $16.1B, mainly due to a debt buyback by MicroStrategy. * **Rates & Leverage:** Stablecoin borrowing costs edged higher. Analysis of Aave V3 shows e-mode loans, primarily used for leveraged Ethereum staking strategies, carry significantly higher risk (debt-weighted avg. Health Factor ~1.06) compared to standard loans. * **Futures:** Aggregate futures open interest (OI) was relatively stable, down only 3.08% to $103.2B at quarter-end, though it has since rebounded. BTC and ETH futures OI together comprised 65% of the total. In conclusion, the crypto market continues to shed leverage in a measured manner. If this trend persists, the market may avoid the type of disorderly, cascading failures seen in the last cycle, even if lending activity continues to contract.

marsbit57 хв тому

Galaxy Research: Crypto Lending Contracts for Third Consecutive Quarter, Market Undergoing Orderly Deleveraging

marsbit57 хв тому

Торгівля

Спот
活动图片