Senator Cynthia Lummis says the stalled CLARITY Act would have given crypto firms legal backing to freeze assets at once when law enforcement asks. She raised the point after a $6.3 billion hack targeting Binance. The bill's future remains uncertain.
Senator Cynthia Lummis pointed to the stalled CLARITY Act as a missing tool after the recent $6.3 billion hack targeting Binance. She noted that the act would have given crypto firms legal backing to freeze assets immediately upon a request from law enforcement.
Her comments follow an incident in which Binance coordinated with authorities and froze approximately $3 billion of the affected assets. The CLARITY Act seeks to formalize that kind of collaboration, and lawmakers are still considering it.
Current odds reflect a slight increase in the likelihood that Senator Mike Lee votes in favor of the bill. Observers are watching for further statements from key senators and for any scheduling of a Senate vote.
Source: Crypto Briefing
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