According to The Block, White House crypto advisor Patrick Witt stated at the Blockchain Association event that the Clear Act aims to support regulation and enforcement, addressing law enforcement concerns that their ability to combat financial crime is being undermined. Senator Lummis warned that if the bill does not pass this year, it may not be revisited until 2030. The bill faces obstacles including controversy over anti-money laundering provisions, whether BRCA exempts non-custodial developers from money transmission obligations, and potential conflicts of interest related to Trump’s crypto investments. Democratic Senator Cortez Masto voted against it last month, stating that it hinders the tracking of illicit funds.
Patrick Witt: Clear Act Aims to Support Regulation and Enforcement
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Summary
Patrick Witt, White House crypto advisor, said the CLEAR Act supports government crypto regulation and law enforcement. The bill faces opposition over AML rules and BRCA exemptions for non-custodial developers. Senator Lummis warned that delays could stall the bill until 2030. Democratic Senator Cortez Masto opposed it last month, saying it hinders the tracking of illegal funds. Crypto regulation remains a key focus as lawmakers debate compliance and enforcement.
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